Apparently, the idea of cheating in order to get kids into the Ivies was a bridge too far for one proud Yale dad who was incidentally being investigated for a “pump-and-dump” investment scheme.
The Wall Street Journal is reporting that the whistleblower for the college-acceptance bribery scheme, in which dozens of rich people and celebrities allegedly bribed top colleges to accept their mediocre children, was Morrie Tobin, a Los Angeles financial executive. He reportedly told federal investigators of the scheme after a soccer coach at Yale allegedly offered to get his daughter in for a fee:
Mr. Tobin was being questioned in an alleged pump-and-dump investment scheme—in which people conspire to inflate the price of a stock so they can sell it at a profit—when he offered a tip to federal authorities in an effort to obtain leniency, according to people familiar with the matter.
This tip was what started the ball rolling, and roll it certainly did. After tipping off the feds, Tobin supposedly wore a wire to a meeting in a Boston hotel room with Rudy Meredith, the Yale soccer coach. A source tells the WSJ that at the meeting, Meredith offered to get Tobin’s daughter in for $450k. Meredith has since agreed to cooperate with the investigation and has pled guilty to two counts of wire fraud. The rest has become the shit storm involving Lori Loughlin and Felicity Huffman as we know it today.
As for Tobin, he was charged in his own fraud case in November 2018. Back in the’80s, he played hockey for Yale. One of his daughters also graduated from the school, while two others are currently enrolled. Ostensibly, they all got in the old fashioned way: by being rich, white, and knowing someone who already went there.