Martin Tobin, a Los Angeles finance guy, was the one who tipped off federal authorities about the Rick Singer bribes-for-admission scandal. Mr. Tobin was being questioned by federal authorities about a pump-and-dump scam. Pump-and-dump scams are the stuff of induced hype. Folks buy a stock and then pump up its values through touting the stock’s value, the company, or potential earnings, and then when they have pumped the value up sufficiently, they sell the stock and move along. Mr. Tobin admitted to authorities that he had already paid a bribe to Rudy Meredith, the head women’s soccer coach at Yale in order secure admission at Yale for one of his daughters. One of Mr. Tobin’s daughters graduated from Yale in 2015, and two other daughters are currently there, expected to graduate in 2019 and 2020.
Federal authorities asked Mr. Tobin to pretend to be interested in paying another bribe to Mr. Meredith for his last daughter, a high-school senior, in order to complete the family ties to Yale. Mr. Tobin’s meeting with Mr. Meredith in a Boston hotel room was recorded, and in the recording, Mr. Meredith allegedly agreed to designate the Tobin daughter as a soccer recruit in exchange for $450,000. In exchange for his help with the Varsity Blue operation, Mr. Tobin was not charged in that scandal, and entered a guilt plea to one count of conspiracy to commit securities fraud, and one count of securities fraud.
You never trust the people you cheat with — they will throw you under the bus.