Fraud in the news

Yale dad uncovers college admissions scandal

You’ve already read about the greatest college admissions scandal in U.S. history. The stories of celebrities and other wealthy parents allegedly bribing college admissions officials and coaches to get their children into top-tier schools hit the news in March. According to the March 15 Texas Lawyer article by Janet Levaux, “How a Securities Fraud Case Uncovered the College Admissions Scam,” the man who tipped off authorities was under investigation by the Securities and Exchange Commission (SEC) for an unrelated securities fraud matter involving a pump-and-dump scheme with drug stocks.

Morrie Tobin, a former Yale student, offered a juicy tip to federal authorities — in exchange for leniency on his securities fraud charge — about a women’s coach at the school who accepted bribes in exchange. Then Yale soccer coach Ruby Meredith had allegedly accepted bribes from Tobin to get one of his kids into Yale. Tobin then met with former soccer coach Ruby Meredith while wearing a wire.

Tobin eventually reached a plea deal with the SEC and wasn’t charged in the college admissions scandal. But he’s expected to be sentenced in the SEC fraud matter in June.

West Coast ATM skimmers arrested