A prominent Silicon Valley VC was ‘terminated’ from Lightspeed Venture Partners after admitting a link to the college admissions scandal
Traffic Exchange


  • The Silicon Valley venture capitalist has left Lightspeed Venture Partners after disclosing a link to the college-admissions cheating scandal.
  • Schaepe allegedly made donations to a foundation run by disgraced college-admissions – totalling more than $630,000 – to help get his son into the .
  • Schaepe was not arrested in connection with the scandal, and he told Axios in a statement that he didn’t knowingly participate in any bribery schemes.

Lightspeed Venture Partners’ Chris Schaepe has left the venture-capital firm after admitting a link to the college-admissions cheating scandalthat has rocked elite circles.

Schaepe, a regular on the Forbes Midas List for his success as an investor in the , worked with Rick Singerto help his son get into the University of , as first reported on Wednesday by Axios.

A person familiar with the situation said that Schaepe was “terminated” from Lightspeed after his partners decided he would have to focus too much time and attention dealing with the situation.

A for Lightspeed Venture Partners tells Business Insider:

Lightspeed Partner Chris Schaepe recently made the firm aware of a personal matter. We determined to separate from Chris to ensure this matter does not interfere with firm operations. The matter does not involve the firm, its personnel or its portfolio companies.

Chris Schaepe Lightspeed


Clickbank Marketing Tools

Foto: Chris Schaepe.

Schaepe was not arrested in connection with the scandal, and he told Axios in a statement that he didn’t knowingly participate in any bribery schemes.

But details of Schaepe’s alleged involvement come through a criminal complaintagainst , the coach for the university’s men’s-tennis team. Schaepe’s son is referred to in the complaint as “Applicant-1.”

READ  Financial Post

Schaepe made “purported” donations to Singer’s foundation, totalling more than $630,000, according to the complaint. Ultimately, Schaepe’s son received a letter of intent to join the men’s-tennis team from Center, according to the complaint.

A spokeswoman for Schaepe told Business Insider that the family was “deeply disturbed that the person they had trusted to guide them through the college-application process was engaged in inappropriate acts.”

“Like countless other families, they believed that his services and his foundation were all above board, and were shocked by his deception,” the spokeswoman said.

Schaepe, along with his wife Jenny Chiu, also support a scholarship at the University of Texas’ Moody College of Communication for “undergraduate students with financial need,” according to the school website.

Axios reported that Lightspeed was still reeling from a scandal in 2017, when it admitted that it “should have done more” when a female entrepreneur complained about former partner Justin Caldbeck, as he faced allegations of sexual misconduct from several women.

Read More

Please Login to Comment.