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HTGC - Hercules Capital Inc News Story

$14.24 -0.1  -0.5%

Last Trade - 11/12/19

Sector
Financials
Size
Mid Cap
Market Cap £1.14bn
Enterprise Value £2.03bn
Revenue £194.7m
Position in Universe 2085th / 6406

UPDATE 1-Former Hercules Capital CEO to plead guilty to U.S. college admissions scam

Fri 18th October, 2019 3:23pm
(Adds further background on case)
    By Nate Raymond
    BOSTON, Oct 18 (Reuters) - A former chief executive of
specialty finance lender Hercules Capital Inc  HTGC.N  has
agreed to plead guilty to participating in what authorities say
is the largest college admissions scam uncovered in the United
States, prosecutors said on Friday.
    Federal prosecutors in Boston say Manuel Henriquez engaged
in a college entrance exam cheating scheme and conspired to
bribe a tennis coach to secure the admission of one of his
daughters to Georgetown University as a fake athletic recruit.
    He is scheduled to enter his plea in federal court on
Monday, the same day that Douglas Hodge, the former chief
executive of the investment firm Pimco, is expected to also
appear to plead guilty. urn:newsml:reuters.com:*:nL2N2721TW
    Lawyers for Henriquez, Hercules Capital's founder, did not
immediately respond to requests for comment.
    Henriquez is among 52 people charged with participating in a
vast scheme in which wealthy parents conspired with a California
college admissions consultant to use bribery and other forms of
fraud to secure the admission of their children to top schools. 
    William "Rick" Singer, the consultant, pleaded guilty in
March to charges he facilitated cheating on college entrance
exams and helped bribe sports coaches at universities to present
his clients’ children as fake athletic recruits. 
    The 35 parents charged in the investigation include
executives and celebrities, such as “Desperate Housewives” star
Felicity Huffman and “Full House” actress Lori Loughlin.
    Huffman reported to prison on Tuesday after she admitted to
engaging in the college exam cheating scheme and was sentenced
to a 14-day term. Loughlin has pleaded not guilty. 
    

 (Reporting by Nate Raymond in Boston;
Editing by Alison Williams and Franklin Paul)
 ((Nate.Raymond@thomsonreuters.com and Twitter @nateraymond;
617-856-1312; Reuters Messaging:
nate.raymond.thomsonreuters.com@reuters.net))
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