The college admissions scandal might never have been revealed had a Los Angeles dad not been accused of securities fraud. Financial executive Morrie Tobin was being questioned about a scheme to inflate the price of owned stock and sell it at a profit when he told federal authorities that the head women's soccer coach at Yale University, a school attended by himself and three daughters, had offered to get another daughter into the school in exchange for a bribe, the Wall Street Journal reports, citing a person with knowledge of the case. They say Tobin, seeking leniency, then donned a wire as he met with soccer coach Rudy Meredith at a Boston hotel in April 2018, and was told his daughter could be made into a soccer recruit for $450,000.
Prosecutors say Meredith was working for William "Rick" Singer, the college consultant facing 65 years in prison, when he got another student into Yale in the same manner. The coach, who agreed to plead guilty to two counts of wire fraud, allegedly received $400,000 of a $1.2 million fee. From there, prosecutors uncovered a scam involving 33 parents and nine coaches or administrators at schools including the University of Southern California, Georgetown, and Stanford, per Rolling Stone. Tobin agreed to plead guilty to securities fraud and conspiracy to commit securities fraud in the alleged pump-and-dump scheme, according to a November plea agreement. Prosecutors recommend the forfeiture of $4 million plus 36 months of supervised release ahead of his June sentencing. (Now students are suing.)
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