Wednesday, March 27, 2019

Venture Capitalist Loses Post Over College Admissions Bribe At UT Austin

A Silicon Valley venture capitalist has split ways with a high profile, venture capital firm, as a result of being tied to a college bribery scandal linked to the University of Texas, Austin. A report today said that Chris Schaepe, a venture captalist at Silicon Valley firm Lightspeed Venture Capital, had hired Rick Singer, the college admissions "coach" who has been implicated in a widespread bribery-for-college admissions scandal. According to reports, Schaepe had paid Singer approximately $630,000 via donations to a so-called "nonprofit" controlled by Singer, in order to gain access for his son to the University of Texas, Austin. Schaepe has not yet been charged by the feds in the case, which has already ensnared a number of high profile celebrity, private equity, and other figures.