Would You Risk Months Of Prison To Set Your Kids Up For Life?
Would You Risk Months Of Prison To Set Your Kids Up For Life?
By Financial Samurai
Every parent can attest they are willing to do everything in their power to give their children a good life.
Once you have kids, the money will come because you become so motivated to work harder. Not only will you work harder and pay better attention to your finances, you’ll also likely get in better shape because you want to increase your chances of seeing your kids grow up!
Given the desire to give our children a better life, it’s understandable why wealthy families try to bribe their children into various universities every year. We live in a hyper-competitive world.
When Lori Loughlin and Mossimo Giannulli’s plea bargain deal was announced, I was shocked.
Loughlin and Giannulli allegedly paid $500,000 to Rick Singer — the man at the center of the college admissions scandal and the founder and CEO of the company The Key: A Private Life Coaching and Counseling Company — to falsely designate their daughters as recruits to the USC crew team, though neither actually participated in the sport.
Despite evidence from the FBI showing they were guilty, Loughlin and Giannuli held out and stated they were not guilty. Meanwhile, many parents, including Rick Singer, admitted they were guilty. Things were not looking good for this celebrity couple.
For example, Napa Valley winemaker, Agustin Huneeus was sentenced to five months in prison for his role in the college admissions scandal. Prosecutors said Huneeus paid $50,000 for a proctor to sit with his daughter and correct answers as she took the SAT exam.
He also paid $50,000 to a University of Southern California athletic department official and agreed to pay $200,000 more when his daughter was accepted to the school as a water polo player.
In another example, LA business executive, Devin Sloane pleaded guilty to fraud and conspiracy for paying $250,000 to get his son admitted to USC, also as a phony athlete. Sloan was sentenced to four months in prison.
Given Loughlin and Giannuli defied the government and paid much more in bribes, the general consensus was that they would ultimately receive a more severe punishment. Lucky for them, that was not the case.
Based on the plea bargain, Loughlin will be sentenced to only two months in prison, a $150,000 fine, two years of supervised release, and 100 hours of community service.
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