The Latest: School suspends administrator in bribe scandal
BOSTON (AP) — The Latest on a college admissions bribery scandal that has led to charges against coaches and celebrities (all times local):
A Florida prep school administrator has been suspended from his school after he was accused of taking college admissions tests for students as part of a scheme in which wealthy parents bribed coaches and others to get their children into elite universities.
IMG Academy in Bradenton said late Tuesday that 36-year-old Mark Riddell has been suspended indefinitely. He was the school’s director of college entrance exam preparation.
Riddell didn’t return several phone calls seeking comment.
He was charged Tuesday along with nearly 50 other people and faces conspiracy to commit mail fraud and money laundering counts.
Documents say Riddell took entrance exams for students or replaced their answers with his own.
IMG Academy bills itself as the world’s largest sports academy. The school was founded by renowned tennis coach Nick Bollettieri.
The head of a Silicon Valley hedge fund who became ensnared in a massive college bribery scandal is stepping down.
Manuel Henriquez will be replaced as CEO and chairman of Hercules Capital in Palo Alto, California.
Henriquez was arrested in New York City and released on $500,000 bail after a brief appearance in Manhattan federal court Tuesday.
Shares of the hedge fund plunged 9 percent on word of Henriquez’ arrest Tuesday.
Hercules said Wednesday that Henriquez will still hold a seat on the board and will serve as an adviser.
Fifty people, including Hollywood stars Felicity Huffman and Lori Loughlin, were charged in the scheme in which wealthy parents allegedly bribed college coaches and other insiders to get their children into some of the nation’s most selective schools.
Federal authorities called it the biggest college admissions scam ever prosecuted by the U.S. Justice Department, with the parents accused of paying an estimated $25 million in bribes.
Authorities who accused dozens of super-wealthy parents of paying bribes to get their kids into elite U.S. colleges say the investigation isn’t over.
Big names such as actresses Felicity Huffman and Lori Loughlin headline the list of some 50 people charged in documents released Tuesday that describe a scheme to cheat the admissions process at eight sought-after schools.
“Desperate Housewives” star Huffman posted a $250,000 bond Tuesday after an appearance in federal court in Los Angeles.
It was unclear when the “Full House” star Loughlin would turn herself in. Loughlin’s husband, fashion designer Mossimo Giannulli, was released in Los Angeles after posting a $1 million bond.
Huffman and Giannulli are scheduled to reappear in court March 29 in Boston.