A top Silicon Valley venture capitalist was forced out of his own firm this week after he confessed to using William “Rick” Singer — the alleged ringleader of the celebrity college admissions scam — to help get his son into the University of Texas.
Chris Schaepe, co-founder of Lightspeed Venture Partners, was given the boot on Wednesday after he admitted to paying over $600,000 in cash and stock donations for Singer’s services, according to Axios.
Schaepe initially told his partners that he was dealing with a “personal matter” that could possibly “interfere with firm operations,” the website reports.
After learning of his involvement with Singer, the firm “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,” a spokesperson said.
Schaepe has not been charged in the federal case against Singer and his celebrity cohorts, but sources told Axios that he is one of the unnamed individuals mentioned in the complaint.
The documents refer to a father from Los Altos Hills, Calif., who hired Singer in 2014 to try and get his son into UT at Austin. The alleged admissions scammer took payments in cash and stocks through a nonprofit foundation that he ran, according to Axios.
Even though he wasn’t charged, Schaepe reportedly hired a lawyer after learning about Singer’s arrest earlier this month. His PR team released a statement on Wednesday, claiming he was a victim.
“We are deeply disturbed that the person we had trusted to guide us through the college application process was engaged in inappropriate acts,” the statement said. “Like countless other families, we believed that his services and his foundation were all above board, and we are shocked by his deception.”
A source close to Schaepe told the Los Angeles Times that the venture capitalist claims to have been duped into believing Singer was legitimate. They said Schaepe and his wife hired Singer in 2014 while their son was still in high school serving as the manager for the basketball and football teams.
Singer not only helped Schaepe’s son get into UT, but the hoops program as well.
“Hey Rick, I wanted to thank you personally for all your help getting me into the University of Texas in Austin, and for helping me secure a managers position with the UT basketball team,” read a note on Singer’s blog site, which according to him, was from Schaepe’s son.
A source familiar with the Schaepes, however, told The Post that Singer “made up the endorsement and posted it on his website without the family’s knowledge or permission.”
Schaepe was introduced to UT men’s tennis coach Michael Center — who was also arrested and named in the college admissions complaint, along with Singer — before his son was admitted to UT, Axios reports.
Center, who has since been fired, allegedly helped Schaepe’s son secure a scholarship and letter of intent to join the school as a recruited athlete. Sources said the original plan was for him to be on the tennis team, but that apparently fell through.
Weeks after scoring his son a scholarship, Schaepe allegedly made two more stock transfers to Singer’s foundation — totaling more than $175,000, according to the Times.
Sources told the paper that he “adamantly” denies any wrongdoing and says he thought the money was going towards disadvantaged kids. Attempts to reach Schaepe for comment were unsuccessful early Thursday.




