We determined to separate from Chris to ensure this matter does not interfere with firm operations. Lightspeed Partner Chris Schaepe recently made the firm aware of a personal matter. It further states that he is currently working at an automotive marketing company in Austin, where the school is based.Īsked for comment, Lightspeed sent us the following statement: Schaepe’s son, who began attending the school in 2015, is set to graduate next year, according to his LinkedIn profile. Nevertheless, it very publicly ties Schaepe to Singer. And, can you believe it, here is a picture of me with basketball star, Kevin Durrant at the UT Summer Basketball Camp.Ī source says the testimonial was manufactured from whole cloth by Singer after Schaepe’s wife sent him the photo. I wanted to thank you personally for all your help in getting me into the University of Texas in Austin, and for helping me secure a managers position with the UT basketball team. What he found: a screenshot of Singer’s now-deleted website that happened to feature a picture of Schaepe’s son, front and center, alongside NBA star Kevin Durant and a testimonial, reading: But seemingly, a sports blogger named Brooks Melchior also played a role in the news and why it burst into public view today.Īs Melchior noted in a post on Monday, Center, the tennis coach, was heard on an FBI wiretap confirming to Singer that he had received nearly $100,000 “in exchange for which would designate a student as a recruit to the (UT) tennis team, thereby facilitating his admission to (UT).”Ĭenter has since been fired, but Melchior noted that the parent in the case involving Center was neither named nor indicted, so Melchior did some digging. Sources say that soon after the admissions scandal broke, Schaepe hired a lawyer, then told Lightspeed, which soon after made the decision to part ways with him. The idea, suggests Axios, was to make it look like Schaepe’s son would manage the tennis team, though later, as a student, he managed the university’s college basketball team. In an effort to guarantee a slot, Singer made an introduction to the school’s men’s tennis coach, Michael Center, who then helped secure a letter of intent for Schaepe’s son to attend the school. Specifically, Schaepe’s son, who’d been the manager for his high school’s basketball and football teams, aspired to attend the University of Texas. Silicon Valley venture capitalist Chris Schaepe is out at Lightspeed Venture Partners, after telling his partners about having hired Rick Singer, the Newport Beach, Calif., businessman in the middle of the college bribery scandal.Īccording to Axios, which broke the news of Schaepe’s departure, Schaepe insists he didn’t knowingly participate in any bribery schemes, but that he had hired Singer to help with his son’s college admissions process, paying a hefty $630,000 via cash and stock donations to an alleged nonprofit that Singer ran.
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