The founder of a $13.2-billion private equity firm that recently acquired one of the largest distributors in the promotional products industry is among the 50 people indicted in a high-profile scandal involving alleged college admissions fraud.

William E. “Bill” McGlashan Jr., identified as founder and managing partner of TPG Growth, is among the more than 30 affluent parents accused of paying bribes to get their children into prestigious colleges and universities, including Yale, Stanford, and the University of Southern California. Celebrities are among the accused, including actresses Lori Loughlin and Felicity Huffman.

William E. "Bill" McGlashan, Jr.

TPG’s investments include Uber, Airbnb and Top 40 promotional products distributor HALO Branded Solutions (asi/356000), which TPG acquired in June 2018. Marc Simon, CEO of Sterling, IL-based HALO, referred comment to TPG, which responded to Counselor with a statement:

“As a result of the charges of personal misconduct against Bill McGlashan, we have placed Mr. McGlashan on indefinite administrative leave effective immediately,” the statement said. “Jim Coulter, Co-CEO of TPG, will be interim managing partner of TPG Growth and The Rise Fund. Mr. Coulter will, in partnership with the organization’s executive team, lead all investment work for both going forward.”

Still, by the end of the week, McGlashan was no longer with TPG or The Rise Fund. McGlashan said he resigned; TPG said the executive was fired, according to Reuters. “We believe the behavior described to be inexcusable and antithetical to the values of our entire organization,” TPG said in a statement.

McGlashan was not involved in the purchase of HALO by TPG, which has more than $100 billion under management and investments in several hundred companies around the world. He did not serve on the HALO board and had never had contact with HALO management.