SF Peninsula Venture Capitalist Departs Re: Admissions Scandal

PALO ALTO, CA -- The explosive college admissions scandal has expanded its net to the founder of a major Silicon Valley venture capital firm that cut off the its connection once it came out he used the mastermind to help get his son into college, the Los Angeles Times reported Wednesday.

The sweeping college admissions scandal has ensnared celebrities, coaches and college administrators who used the services of counselor William "Rick" Singer of Newport Beach to push the children of wealthy patrons into elite colleges.

Stanford was embroiled in the controversy for its disgraced, former sailing coach's involvement in the scheme, prompting the Palo Alto university to review the protocol of its admissions process.

See

• Mired By College Admissions Scandal, Stanford Responds

Chris Schaepe of Lightspeed Venture Partners in Menlo Park is unavailable for comment. His spokeswoman told the L.A. Times he was not charged in the federal investigation, did nothing illegal and remains appalled by the circumstances.

Schaepe confided in the partners of the $6 billion investment firm, labeling it a “personal matter," according to The Times.

Schaepe’s departure is yet another person listed in the ranks of parents who prosecutors have been questioning in this far-reaching bribery case.

In a plea deal, Singer admitted he was guilty of the fraudulent practice.

Read more about it in the Los Angeles Times by clicking Top Silicon Valley venture capital leader out over ties to college admissions scandal.