Lori Loughlin and Olivia Jade Are Just the Beginning. Several CEOs Have Been Dumped in Wake of the College Scandal
Numerous people were charged on Tuesday as a part of "Operation Varsity Blues," a scandal centered around fraudulent college admissions.
In the fallout from the scandal Lori Loughlin, her daughter Olivia Jade, and many more have been dumped by companies they used to work with.
After news of the college admissions scandal broke on Tuesday morning, organizations were quick to distance themselves from those charged. Here's what we know about the ongoing fallout from the indictments.
Lori Loughlin and her daughter, Olivia Jade, were both dropped by companies they worked with.
Former Full House star Lori Loughlin was among those charged in the investigation. Today, the Hallmark channel, on which Loughlin is a frequent star, confirmed that it would not work with the actress in the future. A statement released to Buzzfeed News said that the channel was "saddened" by the allegations against Loughlin.
For her daughter Olivia Jade, the consequences have been equally swift. Sephora, with which Olivia produced a make-up palette, has ended its relationship with the YouTube star. "After careful review of recent developments, we have made the decision to end the Sephora Collection partnership with Olivia Jade," the retailer told Buzzfeed News in a statement.
Powerful lawyer Gordon Caplan was placed on leave at his law firm.
It's not just those in the entertainment industries that are getting pulled down. Gordon Caplan, co-chairman of the leading law firm Willkie Farr & Gallagher, was placed on leave after the Justice Department alleged that he had worked to fix his daughter's ACT score. "In light of the seriousness of the matter, Mr. Caplan has been placed on a leave of absence from the Firm and will have no further Firm management responsibilities," the firm wrote in a statement to the Daily Beast.
William E. McGlashan Jr. has also been placed on leave.
William E. McGlashan Jr., a partner at the private equity firm TPG, has been placed on leave. He has also stepped down from the board of STX Entertainment, the movie studio he co-founded.
Hedge fund CEO Manuel Henriquez has had to step down from his role at his company-but he's not totally out of the picture.
Manuel Henriquez, CEO and chairman of Silicon Valley hedge fund Hercules Capital, stepped down from the position-but per NBC Bay Area, Hercules said on Wednesday that he would still sit on the company's board and serve as an advisor. The fund's shares dropped nine percent after news of Henriquez's arrest broke.
David Sidoo has also had to step down from his CEO position.
On Thursday, East West Petroleum Corp announced that CEO David Sidoo would step down from his role at the company. Sidoo allegedly paid $200,000 to arrange for other people to take the SAT for his two sons.
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