Hedge fund CEO embroiled in college bribery scandal steps down Daily Mail Online

Hedge fund CEO embroiled in college bribery scandal steps down Daily Mail Online
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    Hedge fund CEO embroiled in college bribery scandal steps down Daily Mail Online
    The head of a Silicon Valley hedge fund who became embroiled in the massive college bribery scandal by helping his two daughters cheat and bribing a Georgetown University tennis coach has stepped down. 
    Manuel Henriquez, 55, will be replaced as CEO and chairman of Hercules Capital in Palo Alto, after he was charged for his involvement in the plot to help wealthy Americans cheat their childrens way into universities.   
    Henriquez was arrested in and released on dollar 500,000 bail after a brief appearance in Manhattan federal court Tuesday. 
    Shares of the hedge fund plunged 9 percent on word of Henriquez arrest on Tuesday. 
    Hercules said Wednesday that Henriquez will still hold a seat on the board and will serve as an adviser. 
    Manuel Henriquez, 55, will be replaced as CEO and chairman of Hercules Capital in Palo Alto, California after he was charged for his involvement in the plot to help wealthy Americans cheat their childrens way into universities
    Shares of the hedge fund plunged 9 percent on word of Henriquez arrest on Tuesday
    Henriquez and his wife Elizabeth, 56, are accused of participating in the college entrance exam cheating scheme on four separate occasions for their two daughters. 
    They also allegedly bribed the Georgetown University tennis coach to designate their older daughter, Isabelle, as a tennis recruit.
    According to the court documents, the Henriquezes paid mastermind William Rick Singer dollar 25,000 in the fall of 2015 to have someone proctor Isabelles SAT exam and correct her answers. 
    The couple allegedly paid for the proctor to be flown to San Francisco to help Isabelle with the college admissions test at her private all girls Catholic school, Notre Dame High School, in Belmont. 
    The fixer told investigators that he sat next to the Henriquezs daughter during the exam and gave her the correct answers.
    After the exam, the fixer gloated with Elizabeth and Isabella about how they had cheated and gotten away it, according to the affidavit. 
    Charging documents claim that Isabelle Henriquez  gloated about cheating on the SATs after her parents paid to get her into Georgetown University
    Henriquez and his wife Elizabeth, 56, are accused of participating in the college entrance exam cheating scheme on four separate occasions for their two daughters
    The parents of Isabelle, who is a junior at Georgetown University above , allegedly paid to help her cheat on her SAT exams and bribed the colleges tennis coach to get her in as a recruit
    Isabelle received a score of 1900 out of 2400, which was a 320 point improvement on her previous score. 
    In addition to her SAT scores, the couple are also accused of bribing Gordon Ernst, the schools tennis coach, to designate their daughter as a recruit to facilitate her admission to the university. 
    This was despite the fact that Isabelle did not play a single tennis tournament in high school. 
    Henriquez and his wife also allegedly paid Gordon Ernst, Georgetowns tennis coach to designate their daughter as a recruit for the team
    Isabelle wrote in her application that she played club tennis all through high school for 20 hours per week and 52 weeks per year, the documents claim.
    She claimed to have a Top 50 ranking in the United States Tennis Association Junior Girls Tennis for her sophomore through senior years of high school, and said she was on the UTSA All Academic Team for tennis during her junior and senior years as well.
    In fact, records obtained from the USTA do not show that she played at any USTA tournaments in high school, the documents state.
    At her best, she appears to have ranked 207th in Northern California in the under 12 girls division, with an overall win/loss record of 2 8.
    Isabelle was allegedly encouraged to rewrite her college application essay to reflect her so called passion and commitment to tennis.
    In the essay, Isabelle writes about practicing for three to four hours a day...with the hopes of becoming successful enough to play college tennis, especially at Georgetown.
    She also referenced Ernst, writing: What is most amazing is how quickly I connected with Coach Ernst. He spent time with me while on campus and at several tournaments I played in. 
    After Isabelle was admitted to Georgetown in May 2016, the Henriquez Family Trust donated dollar 400,000 to Singers charity.
    The couples daughter alleged gloated about cheating after a fixer gave her the answers for her SAT exams in 2015
    Isabelle wrote in her application that she played club tennis all through high school for 20 hours per week and 52 weeks per year, the documents claim. Prosecutor pointed out in a footnote that she appeared to rank 207th when she was 12
    Isabelle is currently a Spanish and Iberian studies major at Georgetown and a member of the Kappa Kappa Gamma sorority.
    She is the president of Hoya Helpers, a tutoring organization for middle school students in Georgetown, and also studied abroad in Spain, according to her LinkedIn page.
    Isabelle previously interned at her fathers company, and is listed as a current investment banking intern at Compass Point Research Trading, LLC and an incoming summer wealth management analyst at Jeffries Financial Group.
    The following year, Singer allegedly had someone help the youngest Henriquez daughter with her ACT in exchange for Manuel using his influence to get another one of Singers applicants into Northeastern University.
    The couple later paid an additional dollar 25,000 dollar 30,000 to have a fixer improve that daughters SAT scores.
    Fifty people, including Hollywood stars Felicity Huffman and Lori Loughlin, were charged in the scheme in which wealthy parents allegedly bribed college coaches and other insiders to get their children into some of the nations most selective schools.
    Federal authorities called it the biggest college admissions scam ever prosecuted by the U.S. Justice Department, with the parents accused of paying an estimated dollar 25 million in bribes.
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