Key college admissions scandal exec to plead guilty, agrees to cooperate

The chief financial officer of the company involved in the college admissions scandal, in which wealthy parents allegedly paid for advantages in college admissions, has agreed to plead guilty to racketeering charges. 

Steven Masera, 69, who was accused of helping William “Rick” Singer launder money in the scheme, will also work with federal prosecutors in their probe, Bloomberg News reported Saturday, citing court documents filed Friday.{mosads}

Prosecutors will reportedly recommend that Masera serve on the lower range of 57 to 71 months in prison and the U.S. will reportedly give him immunity for information he provided.{mosads}

Masera was in charge of billing parents during the scheme, and he is accused of laundering $9.5 million to $25 million, Bloomberg reported.

The news outlet reported, citing investigators, that Masera billed actress Lori Loughlin and her husband, designer Mossimo Giannulli $200,000 a week after their daughter was accepted to the University of Southern California. 

Four coaches and 13 parents have also pleaded guilty while 19 parents including Loughlin and Giannulli, are battling the charges in court. 

Singer, who also cooperated with prosecutors, is due to be sentenced Sept. 19.

In the scheme, parents allegedly paid for advantages on college entrance exams or for their children to be recruited as athletes to prestigious universities including USC, Yale and Stanford.