Fallout from a sweeping college admissions scandal swiftly spread Wednesday, with actress Lori Loughlin surrendering ahead of a Los Angeles court hearing and a Silicon Valley hedge fund replacing its leader.
Loughlin and fellow actress Felicity Huffman headline the list of some 50 people charged in documents unveiled in Boston that describe a scheme to cheat the admissions process at eight sought-after schools. The parents bribed college coaches and other insiders to get their children into selective schools, authorities said.
Loughlin turned herself in to the FBI on Wednesday morning and is scheduled for a court appearance in the afternoon, spokeswoman Laura Eimiller said.
Prosecutors allege Loughlin and her husband, fashion designer Mossimo Giannulli, paid $500,000 to have their two daughters labeled as recruits to the University of Southern California crew team, even though neither is a rower. Giannulli was released Tuesday after posting a $1 million bond.
The scandal also ensnared movers and shakers in the corporate world. The Palo Alto, California, hedge fund Hercules Capital announced Wednesday it was replacing its leader, Manuel Henriquez, who was arrested in New York City on Tuesday and released on $500,000 bail. Shares of the hedge fund plunged 9 percent.
With files from the Associated Press
Danny Ruderman, independent college counselor based in Los Angeles, whose clientele includes A-list celebrities
Jon Reider, independent college consultant; former director of college counseling at San Francisco University High School, former admissions officer at Stanford University (1985 - 2000)