Top Silicon Valley Venture Capitalist Ousted From Firm He Founded After Admitting Ties to College Admissions Scam

William "Rick" Singer leaves Boston Federal Court after being charged with racketeering conspiracy, money laundering conspiracy, conspiracy to defraud the United States and obstruction of justice on March 12, 2019. (Credit: Scott Eisen / Getty Images)

William "Rick" Singer leaves Boston Federal Court after being charged with racketeering conspiracy, money laundering conspiracy, conspiracy to defraud the United States and obstruction of justice on March 12, 2019. (Credit: Scott Eisen / Getty Images)

A major Silicon Valley venture capital firm broke ties with the company’s founder after he informed partners that the mastermind of the sweeping college admissions scandal helped get his son into college.

Chris Schaepe has not been charged in the ongoing federal investigation, and his spokesperson said he did nothing illegal.

“The Schaepes were deeply disturbed that the person they had trusted to guide them through the college application process was engaged in inappropriate acts,” Ellen Davis said. “Like countless other families, they believed that his services and his foundation were all aboveboard, and were shocked by his deception.”

Lightspeed Venture Partners, which boasts having $6 billion invested in companies and a successful track record funding technology start-ups, pushed Schaepe out after he told partners of a “personal matter” that they worried could “interfere with firm operations,” a spokeswoman for the firm confirmed to The Times.

Read the full story at LATimes.com.

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