He believes in ethical investing — just not allegedly when it comes to his son’s college.
One of the uber-rich parents swept up in the bombshell college-admission cheating scandal, is a hedge-funder previously hailed as a paragon of ethical investing.
But that didn’t allegedly stop him from paying $300,000 to illegally buy his son’s way into USC — and then keeping the truth from his offspring.
Now Bill McGlashan Jr., 55, has been put on “indefinite administrative leave effective immediately” from his gig at investment firm TPG Growth, the company announced on Wednesday.
McGlashan also sits on the founders board — along with humanitarian-rocker Bono — of The Rise Fund, an investment firm that purports to have “a deep personal and professional commitment to driving social and environmental change,” according to its Web site.
He is accused of making a $50,000 sham donation from his personal charity to another charity run by William Singer in order to have his son’s ACT test results doctored — and to get pictures of his son Photoshopped so the boy would appear to be an all-star athlete.
Then he paid the school another $250,000 to get his kid in the door, court papers allege.
The ethical investor also plotted ways to keep the truth from his son.
“Is there a way to do it in a way that he doesn’t know that happened?” he asked one of Singer’s cronies in a phone call recorded by the feds.
The witness suggested telling his son the school would help him because he’s an athlete, but McGlashan retorted, “But I can’t say that in front of [my son], ’cause he knows he’s not.”
And so Singer tried to cast the boy in the most conceivable position for a scrawny kid: football kicker.
“I’m gonna make him a kicker/punter and they’re gonna walk him through with football,” Singer said.
“Pretty funny. The way the world works these days is unbelievable,” McGlashan laughed back.