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Illustration: Aïda Amer/Axios

Bill McGlashan, the private equity titan arrested in 2019 for his alleged role in the "Varsity Blues" college admissions scheme, has reached a settlement with federal prosecutors. He also settled his dispute with his former partners at TPG Capital, Axios has learned from multiple sources.

Why it matters: This could set the stage for McGlashan's return to the spotlight. And before you say that's not happening, be sure to consult your Milken Institute Global Conference receipts.

The deal: McGlashan would plead guilty to a single charge of wire fraud, related having his son take the ACT test at a facility infiltrated by Rick Singer, the bribery scheme mastermind. In exchange, prosecutors would drop all other charges — including the one alleging bribery via the so-called "side door" for college admission.

  • Per terms of the agreement, McGlashan would agree to serve a three-month prison sentence, pay a $250,000 fine, complete 250 hours of community service and be subjected to 24 months of probation.
  • He also retains the right to limited appeal on the charge and, if successful would be allowed to rescind his guilty plea.
  • This settlement still must be approved by a judge, who is under no obligation to do so. Expect that hearing to occur by the end of April.

The other deal: McGlashan and TPG, where he led both growth equity and impact investing, never seemed to agree on if he resigned or was fired. But there was consensus that TPG sought to deny McGlashan of all vested and unvested fund interests, which included stakes in such companies as Airbnb and Uber.

  • It was a very contentious decision, as McGlashan was being denied compensation for investments made before the arrest.
  • Axios has learned that the two sides quietly entered into a definitive separation agreement in the summer of 2019.
  • A source tells Axios that the "economic consequences" to McGlashan remain identical to those described to fund limited partners (i.e., stripped of fund interests), although the source did not elaborate on other payments TPG may or may not have made.

The bottom line: This two-year saga looks to be nearing its conclusion.

Go deeper

Fed signals it could yank economic support quicker as inflation sticks around

Federal Reserve chairman Jerome Powell testifies during a hearing before Senate Banking, Housing and Urban Affairs Committee today. Photo: Alex Wong/Getty Images

The Federal Reserve will consider pulling back economic support sooner "as the threat of persistently high inflation has grown," chair Jerome Powell said during a congressional hearing on Tuesday.

Why it matters: This is the biggest signal yet the Fed is backing away from its stance that soaring prices would be fleeting — a change that could shift its policies that underpin the economy.

Felix Salmon, author of Capital
Updated 15 mins ago - Economy & Business

Crypto meets the real world

Illustration: Megan Robinson/Axios

The two largest countries in the world seem intent on effectively banning their citizens from participating in crypto, which poses a serious threat to the crypto agenda.

Why it matters: The crypto world is global — but the real world is fragmented into nation-states, each of which claims control of what happens within its borders.

Meadows cooperating with House Jan. 6 select committee

Mark Meadows. Photo: Yuri Gripas/Bloomberg via Getty Images

Former White House Chief of Staff Mark Meadows is cooperating with the House select committee in charge of investigating the Jan. 6 Capitol insurrection, the panel said Tuesday.

Driving the news: Meadows, who failed to appear before the panel earlier this month, is believed to have insight into former President Trump's role in efforts to stop the certification of President Biden's election win.

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