Lightspeed Venture partner Chris Schaepe hired disgraced college admissions coach Rick Singer to help his son get into the University of Texas.
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."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.
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 tells 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,"" when a female entrepreneur complained about former partner Justin Caldbeck, as he faced allegations of sexual misconduct from several women.
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