How about all those CEOs?
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Hedge fund CEO embroiled in college bribery scandal steps down after stocks plunged when he was charged with paying someone to help his two 'gloating' daughters cheat on their SATs and bribing Georgetown's tennis coach to recruit one of them
- Manuel Henriquez, 55, will be replaced as CEO and chairman of Hercules Capital in Palo Alto, California
- He was arrested in New York and released on $500,000 bail 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 daughters
- They also allegedly bribed the Georgetown University tennis coach to designate their older daughter, Isabelle, as a tennis recruit
- They allegedly paid for someone to sit next to their eldest, Isabelle, and give her the correct answers for her SATs, which she later gloating about
By
EMILY CRANE FOR DAILYMAIL.COM
PUBLISHED: 10:50 EDT, 13 March 2019 | UPDATED: 13:16 EDT, 13 March 2019
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,
California after he was charged for his involvement in the plot to help wealthy Americans cheat their children's way into universities.
Henriquez was arrested in
New York City and released on $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 children's way into universities