Key Witness in Singer's College Admissions Scandal Receives Prison Term for Securities Fraud
Morrie Tobin, a Los Angeles financier, was sentenced to a year and a day in prison for selling stock at fraudulently inflated prices, defrauding investors of millions. Despite his significant cooperation in exposing both his own securities fraud and the infamous college admissions scandal involving William "Rick" Singer, U.S. District Judge Nathaniel M. Gorton emphasized that Tobin's greed-driven actions warranted prison time. Tobin, 57, expressed deep remorse for his crimes before his sentencing.
Tobin's tip to federal authorities in Boston about the college admissions scam came during a "multiday proffer" in March 2018, after agents searched his Hancock Park mansion. He revealed that he had bribed a Yale soccer coach to endorse his daughter's admission. This information led to a sting operation where the coach, Rudy Meredith, was recorded accepting a bribe and mentioning Rick Singer, a college admissions consultant. Meredith's cooperation and subsequent recorded calls with Singer unveiled a broader scheme to defraud universities.
The case, which became public in March 2019, implicated 33 of Singer's clients, including celebrities Lori Loughlin and Felicity Huffman, and coaches from prestigious universities like Stanford, Georgetown, USC, and UCLA. Tobin's cooperation was crucial in unraveling the scheme, but his own fraudulent activities could not be overlooked.
Tobin's lawyers argued for probation, citing his efforts to make amends and his lack of prior criminal history. They highlighted his background as a respected student leader and hockey player. However, Judge Gorton insisted on a prison sentence, underscoring the severity of Tobin's crimes. Tobin was ordered to report to prison by September 23. His eight-bedroom mansion in Hancock Park was listed for $13.5 million, reflecting his attempt to move forward from his criminal past.
