LA financial executive tipped authorities to college admissions scandal for leniency in fraud case, report says

U.S

A Los Angeles financial executive who was being investigated in a securities fraud case tipped authorities to the wide-ranging college admissions scandal, according to a report.

Morrie Tobin was being questioned in an alleged scheme — in which people conspire to inflate the price of a stock so they can sell it at a profit — when he offered a tip to federal authorities to obtain leniency, The Wall Street Journal reported.

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Tobin, who attended Yale University, told investigators that the Yale head women’s soccer coach had sought a bribe in return for getting his daughter into the Ivy League school, the news outlet said.

His tip lead to the recent revelations about the college consultant, William Singer. Federal prosecutors said Singer led a scheme in which wealthy parents bribed sports coaches and other officials to get their children entry to elite universities. More than 50 people have been charged — prominent among them were TV actresses Felicity Huffman and Lori Loughlin.

The colleges have cast themselves as victims and have moved to distance themselves from the coaches, firing or suspending them.

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Tobin is awaiting sentencing in the securities fraud case in which he signed a plea agreement in November.

He attended Yale in the 1980s, playing hockey for the school, before transferring to the University of Vermont, the Journal said. One daughter, Rachel, graduated from Yale in 2015; two of his other daughters are currently a senior and a junior there, respectively.

Click for more from The Wall Street Journal.

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