College Admissions Scheme: Palo Alto Hedge Fund Chair to Plead Guilty in Surprising Reversal
Manuel Henriquez, a financier accused of paying nearly half a million dollars to rig college entrance exams for two daughters and have one of them admitted to Georgetown as a fake tennis recruit, will plead guilty to an indictment charging him with conspiracy to commit fraud and money laundering, federal prosecutors in Boston said Friday.
The seeming reversal by Henriquez, formerly the chairman and chief executive of Hercules Capital, a publicly traded investment company, is stunning given the scope of his alleged misdeeds, which encompassed both the test-fixing service and athletic recruitment scheme offered by William “Rick” Singer, a Newport Beach consultant and the confessed mastermind of a long-running and multifaceted admissions fraud.
A federal judge who has sentenced 10 of Singer’s former clients has indicated that parents convicted of exploiting both the testing and athletic recruitment scams should expect considerable prison terms.
Agustin Huneeus Jr., a Napa vintner, was sentenced to five months in prison, the longest sentence handed down in the case so far. He admitted conspiring to fix his daughter’s SAT score and to have her admitted to USC as a bogus water polo player. Huneeus, however, accepted an early deal offered by prosecutors in Boston and avoided being indicted on an additional charge of money laundering conspiracy.
Read the full story on LATimes.com.