Actress Loughlin surrenders as admissions fallout spreads

Fallout from a sweeping college admissions scandal swiftly spread Wednesday, with actress Lori Loughlin surrendering ahead of a Los Angeles court hearing and a Silicon Valley hedge fund replacing its leader.

Loughlin and fellow actress Felicity Huffman headline the list of some 50 people charged in documents unveiled in Boston that describe a scheme to cheat the admissions process at eight sought-after schools. The parents bribed college coaches and other insiders to get their children into selective schools, authorities said.

SEE ALSO: Will Lori Loughlin's daughters get expelled from USC?

Loughlin turned herself in to the FBI on Wednesday morning and is scheduled for a court appearance in the afternoon, spokeswoman Laura Eimiller said.

Prosecutors allege Loughlin and her husband, fashion designer Mossimo Giannulli, paid $500,000 to have their two daughters labeled as recruits to the University of Southern California crew team, even though neither is a rower. Giannulli was released Tuesday after posting a $1 million bond.

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Lori Loughlin with her daughters
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Lori Loughlin with her daughters
BEVERLY HILLS, CA - FEBRUARY 28: Olivia Jade Giannulli and Lori Loughlin attend WCRF's 'An Unforgettable Evening' at the Beverly Wilshire Four Seasons Hotel on February 28, 2019 in Beverly Hills, California. (Photo by Emma McIntyre/Getty Images for WCRF)
BEVERLY HILLS, CA - FEBRUARY 28: (L-R) Olivia Jade Giannulli, Lori Loughlin and Isabella Rose Giannulli attend WCRF's 'An Unforgettable Evening' at the Beverly Wilshire Four Seasons Hotel on February 28, 2019 in Beverly Hills, California. (Photo by Rachel Murray/Getty Images for WCRF)
WEST HOLLYWOOD, CA - DECEMBER 14: (L-R) Heidi Anne Pillsbury, Olivia Jade, Lori Loughlin and Beth Hayes Giannulli celebrate the Olivia Jade X Sephora Collection Palette Collaboration Launching Online at Sephora.com on December 14, 2018 in West Hollywood, California. (Photo by Gabriel Olsen/Getty Images for Sephora Collection)
WEST HOLLYWOOD, CA - DECEMBER 14: (L-R) Olivia Jade Giannulli, Lori Loughlin and Isabella Rose Giannulli celebrates the Olivia Jade X Sephora Collection Palette Collaboration Launching Online at Sephora.com on December 14, 2018 in West Hollywood, California. (Photo by Gabriel Olsen/Getty Images for Sephora Collection)
WEST HOLLYWOOD, CA - DECEMBER 14: Lori Loughlin (L) and Olivia Jade Giannulli celebrate the Olivia Jade X Sephora Collection Palette Collaboration Launching Online at Sephora.com on December 14, 2018 in West Hollywood, California. (Photo by Gabriel Olsen/Getty Images for Sephora Collection)
LOS ANGELES, CA - MARCH 24: Lori Loughlin and Olivia Jade Giannulli are seen on March 24, 2018 in Los Angeles, California. (Photo by Hollywood To You/Star Max/GC Images)
BEVERLY HILLS, CA - FEBRUARY 27: Actress Lori Loughlin and daughter Olivia Jade Giannulli attend Women's Cancer Research Fund's An Unforgettable Evening Benefit Gala at the Beverly Wilshire Four Seasons Hotel on February 27, 2018 in Beverly Hills, California. (Photo by Axelle/Bauer-Griffin/FilmMagic)
BEVERLY HILLS, CA - FEBRUARY 27: Lori Loughlin, Olivia Jade Giannulli arrives at the The Women's Cancer Research Fund's An Unforgettable Evening Benefit Gala at the Beverly Wilshire Four Seasons Hotel on February 27, 2018 in Beverly Hills, California. (Photo by Steve Granitz/WireImage)
LOS ANGELES, CA - OCTOBER 25: Lori Loughlin and Olivia Jade attend the PrettyLittleThing By Kourtney Kardashian Launch on October 25, 2017 in Los Angeles, California. (Photo by JB Lacroix/ WireImage)
LOS ANGELES, CA - OCTOBER 04: Olivia Jade and mother Lori Loughlin attend People's 'Ones to Watch' at NeueHouse Hollywood on October 4, 2017 in Los Angeles, California. (Photo by C Flanigan/WireImage)
LOS ANGELES, CA - AUGUST 13: (L-R) Isabella Giannulli, Lori Loughlin and Olivia Giannulli arrive at the Teen Choice Awards 2017 at Galen Center on August 13, 2017 in Los Angeles, California. (Photo by Axelle/Bauer-Griffin/FilmMagic)
LOS ANGELES, CA - AUGUST 13: (L-R) Isabella Giannulli, Lori Loughlin and Olivia Giannulli arrives at the Teen Choice Awards 2017 at Galen Center on August 13, 2017 in Los Angeles, California. (Photo by Steve Granitz/WireImage)
LOS ANGELES, CA - AUGUST 13: (L-R) Isabella Giannulli, Lori Loughlin and Olivia Giannulli attend the Teen Choice Awards 2017 at Galen Center on August 13, 2017 in Los Angeles, California. (Photo by Kevin Mazur/Getty Images)
BEVERLY HILLS, CALIFORNIA - JULY 27: Bella Loughlin, Actress Lori Loughlin and Olivia Loughlin arrive for the 2017 Summer TCA Tour - Hallmark Channel And Hallmark Movies And Mysteries on July 27, 2017 in Beverly Hills, California. (Photo by Greg Doherty/WireImage)
BEVERLY HILLS, CA - JULY 27: Actress Lori Loughlin (C) and her daughters Isabella Rose (L) and Olivia Jade Giannulli (R) attend the Hallmark Channel And Hallmark Movies And Mysteries 2017 Summer TCA Tour at on July 27, 2017 in Beverly Hills, California. (Photo by Paul Archuleta/FilmMagic)
WEST HOLLYWOOD, CA - APRIL 21: Olivia Jade and Lori Loughlin attend Marie Claire's Fresh Faces event at Doheny Room on April 21, 2017 in West Hollywood, California. (Photo by Jason LaVeris/FilmMagic)
WEST HOLLYWOOD, CA - APRIL 21: Olivia Jade and Lori Loughlin attend Marie Claire's Fresh Faces event at Doheny Room on April 21, 2017 in West Hollywood, California. (Photo by Jason LaVeris/FilmMagic)
WEST HOLLYWOOD, CA - APRIL 21: Actress Lori Loughlin and Olivia Jade attend Marie Claire's 'Fresh Faces' celebration with an event sponsored by Maybelline at Doheny Room on April 21, 2017 in West Hollywood, California. (Photo by Donato Sardella/Getty Images for Marie Claire)
LOS ANGELES, CA - MARCH 23: Actress Lori Loughlin with her daughters Olivia Jade Giannulli and Isabella Rose Giannulli are seen on March 23, 2017 in Los Angeles, California. (Photo by Hollywood To You/Star Max/GC Images)
LOS ANGELES, CA - FEBRUARY 16: Lori Loughlin (C) and daughters Isabella Giannulli (L) and Olivia Giannulli attend the premiere of Netflix's 'Fuller House' on February 16, 2016 in Los Angeles, California. (Photo by JB Lacroix/WireImage)
LOS ANGELES, CA - FEBRUARY 16: Lori Loughlin (C) and daughters Isabella Giannulli (L) and Olivia Giannulli attend the premiere of Netflix's 'Fuller House' on February 16, 2016 in Los Angeles, California. (Photo by JB Lacroix/WireImage)
LOS ANGELES, CA - DECEMBER 10: Actress Lori Loughlin and Olivia Jade Giannulli attend the Premiere of Awesomeness Films' 'Snervous Tyler Oakley' at the Regency Bruin Theatre on December 10, 2015 in Los Angeles, California. (Photo by Jesse Grant/Getty Images)
LOS ANGELES, CA - NOVEMBER 17: (L-R) Patricia Riley, Bailee Madison, Lori Loughlin, Olivia Giannulli and Isabella Giannulli pose for a photo prior to the World Premiere Screening of 'Northpole: Open for Christmas' at The Grove on November 17, 2015 in Los Angeles, California. (Photo by Joe Scarnici/Getty Images)
BEVERLY HILLS, CA - JULY 29: Actress Lori Loughlin (R) and daughter Olivia Jade Giannulli attend the Summer TCA Tour - Hallmark Channel and Hallmark Movies And Mysteries at a private residence on July 29, 2015 in Beverly Hills, California.(Photo by Jeffrey Mayer/WireImage)
LOS ANGELES, CA - NOVEMBER 04: Lori Loughlin, Isabella Giannulli and Olivia Giannulli arrive for the Hallmark Channel Presents 'Northpole' Premiere Screening at La Piazza Restaurant on November 4, 2014 in Los Angeles, California. (Photo by Gabriel Olsen/FilmMagic)
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The scandal also ensnared movers and shakers in the corporate world. The Palo Alto, California, hedge fund Hercules Capital announced Wednesday it was replacing its leader, Manuel Henriquez, who was arrested in New York City on Tuesday and released on $500,000 bail. Shares of the hedge fund plunged 9 percent.

Henriquez will still hold a seat on the board and serve as an adviser, Hercules said.

Mark Riddell — an administrator for Bradenton, Florida's IMG Academy, which was founded by renowned tennis coach Nick Bollettieri and bills itself as the world's largest sports academy — was suspended from his job late Tuesday after he was accused of taking college admissions tests as part of the scheme.

Riddell didn't return several phone calls seeking comment.

At the center of the scheme was admissions consultant William "Rick" Singer, founder of the Edge College & Career Network of Newport Beach, California, authorities said. Singer pleaded guilty Tuesday, and his lawyer, Donald Heller, said his client intends to cooperate fully with prosecutors and is "remorseful and contrite and wants to move on with his life."

Prosecutors said that parents paid Singer big money from 2011 up until just last month to bribe coaches and administrators to falsely make their children look like star athletes to boost their chances of getting accepted. The consultant also hired ringers to take college entrance exams for students and paid off insiders at testing centers to correct students' answers.

Some parents spent hundreds of thousands of dollars, as much as $6.5 million, to guarantee their children's admission, officials said.

SEE ALSO: Felicity Huffman released on $250,000 bail

"These parents are a catalog of wealth and privilege," U.S. Attorney Andrew Lelling said at a news conference in Boston, where the indictments in the scandal were handed up.

At least nine athletic coaches and 33 parents were charged. Dozens, including Huffman, the Emmy-winning star of ABC's "Desperate Housewives," were arrested by midday Tuesday.

22 PHOTOS
Lori Loughlin through the years
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Lori Loughlin through the years
UNITED STATES - NOVEMBER 07: THE EDGE OF NIGHT - 1981 - Lori Loughlin (Photo by ABC Photo Archives/ABC via Getty Images)
LOS ANGELES, CA - CIRCA 1981: Christopher Atkins and Lori Loughlin circa 1981 in Los Angeles, California. (Photo by Bret Lundberg/IMAGES/Getty Images)
NEW YORK CITY - JULY 29: Lori Loughlin attends 21st Birthday Party for Christopher Atkins on July 29, 1982 at Studio 54 in New York City. (Photo by Ron Galella, Ltd./WireImage)
FULL HOUSE - 'Tanner Vs. Gibbler' - Airdate: October 21, 1988. (Photo by ABC Photo Archives/ABC via Getty Images)JOHN STAMOS;LORI LOUGHLIN
WESTWOOD,CA - MARCH 8: Actress Lori Loughlin attends the 'Chances Are' Westwood Premiere on March 8, 1989 at Mann Bruin Theatre in Westwood, California. (Photo by Ron Galella, Ltd/WireImage)
Promotional studio portrait of American actor Lori Loughlin of the television series, 'Full House,' circa 1989. (Photo by Fotos International/Getty Images)
FULL HOUSE - 'Double Trouble' - Airdate: September 17, 1991. (Photo by ABC Photo Archives/ABC via Getty Images)LORI LOUGHLIN
FULL HOUSE - Ad Gallery - September 25, 1991. (Photo by ABC Photo Archives/ABC via Getty Images)BOB SAGET;JODIE SWEETIN;JOHN STAMOS;DAVE COULIER;LORI LOUGHLIN
LOS ANGELES - JUNE 9: Actress Lori Loughlin attends the 'ABC Affiliates Party' on June 9, 1994 at Century Plaza Hotel in Los Angeles, California. (Photo by Ron Galella, Ltd/WireImage)
FULL HOUSE - 'Under The Influence' - December 6, 1994. (Photo by ABC Photo Archives/ABC via Getty Images)JOHN STAMOS;LORI LOUGHLIN;DAVE COULIER
THE TONIGHT SHOW WITH JAY LENO -- Episode 790 -- Pictured: (l-r) Actress Lori Loughlin during an interview with host Jay Leno on October 25, 1995 -- (Photo by: Margaret Norton/NBC/NBCU Photo Bank via Getty Images)
Lori Loughlin during 'Shrek 2' Los Angeles Premiere - Green Carpet at Mann Village Theatre in Westwood, California, United States. (Photo by Jon Kopaloff/FilmMagic)
LOS ANGELES - MARCH 15: Actress Lori Loughlin arrives at the Hugo Boss Fall/Winter 2005 Collection Show at the Beverly Hills Hotel on March 15, 2005 in Los Angeles, California. (Photo by Michael Buckner/Getty Images)
Tiffani Thiessen and Lori Loughlin (Photo by Gregg DeGuire/WireImage)
Lori Loughlin during Saks Fifth Avenue's Unforgettable Evening Benefiting Women's Cancer Research Fund - Arrivals and Inside at The Regent Beverly Wilshire Hotel The Regent Beverly Wilshire H in Los Angeles, California, United States. (Photo by Chris Polk/FilmMagic)
Lori Loughlin with her daughter Olivia during Los Angeles Premiere of LionsGate's 'Happily N'Ever After' Hosted by the Hot Moms Club at The Mann Festival Theater in Westwood, California, United States. (Photo by J.Sciulli/WireImage for LIONSGATE)
BEVERLY HILLS, CA - FEBRUARY 20: Actress Lori Loughlin attends the Saks Fifth Avenue's Unforgettable Evening cocktail reception benefiting Entertainment Industry Foundation's (EIF) Women's Cancer Research Fund held at the Beverly Wishire Hotel on February 20, 2008 in Beverly Hills, California. (Photo by Michael Caulfield/WireImage)
Lori Loughlin at the '90210' press conference at the Four Seasons Hotel on October 1, 2008 in Beverly Hills, California. (Photo by Vera Anderson/WireImage)
LOS ANGELES, CA - JANUARY 07: Dancing with the Stars host Tom Bergeron and actress Lori Loughlin arrive at the 35th Annual People's Choice Awards held at the Shrine Auditorium on January 7, 2009 in Los Angeles, California. (Photo by Michael Buckner/Getty Images for PCA)
BEVERLY HILLS, CA - JANUARY 27: Actress Lori Loughlin arrives at the 13th annual Unforgettable Evening benefiting EIF held at Beverly Wilshire Four Seasons Hotel on January 27, 2010 in Beverly Hills, California. (Photo by John Shearer/WireImage)
LOS ANGELES, CA - JANUARY 20: Lori Loughlin is seen on January 20, 2012 in Los Angeles, California. (Photo by Bauer-Griffin/GC Images)
TODAY -- Pictured: Lori Loughlin appears on NBC News' 'Today' show -- (Photo by: Peter Kramer/NBC/NBC NewsWire via Getty Images)
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Huffman posted a $250,000 bond after an appearance in federal court in Los Angeles. Her husband, actor William H. Macy, has not been charged, though an FBI agent stated in an affidavit that he was in the room when Huffman first heard the pitch from a scam insider.

Loughlin became famous as the wholesome Aunt Becky in the 1980s and '90s sitcom "Full House." She has lately become the queen of the Hallmark Channel with her holiday movies and the series "When Calls the Heart."

The coaches worked at schools such as Yale, Stanford, Georgetown, Wake Forest, the University of Texas, the University of Southern California and the University of California at Los Angeles.

Stanford's sailing coach John Vandemoer pleaded guilty Tuesday in Boston. A former Yale soccer coach had pleaded guilty before the documents went public and helped build the case against others.

No students were charged, with authorities saying that in many cases the teenagers were unaware of what was going on. Several of the colleges involved made no mention of taking any action against the students.

Several defendants, including Huffman, were charged with conspiracy to commit fraud, punishable by up to 20 years in prison.

"For every student admitted through fraud, an honest and genuinely talented student was rejected," Lelling said.

Lelling said the investigation is continuing and authorities believe other parents were involved. The IRS is also investigating, since some parents allegedly disguised the bribes as charitable donations.

The colleges themselves are not targets, the prosecutor said. A number of the institutions moved quickly to fire or suspend the coaches and distance their name from the scandal, portraying themselves as victims. Stanford fired the sailing coach, and USC dropped its water polo coach and an athletic administrator. UCLA suspended its soccer coach, and Wake Forest did the same with its volleyball coach.

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Felicity Huffman photographed after college admissions scandal
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Felicity Huffman photographed after college admissions scandal
TOPSHOT - Actress Felicity Huffman is seen inside the Edward R. Roybal Federal Building and U.S. Courthouse in Los Angeles, on March 12, 2019. - Two Hollywood actresses including Oscar-nominated 'Desperate Housewives' star Felicity Huffman are among 50 people indicted in a nationwide university admissions scam, court records unsealed in Boston on March 12, 2019 showed. The accused, who also include chief executives, allegedly cheated to get their children into elite schools, including Yale, Stanford, Georgetown and the University of Southern California, federal prosecutors said.Huffman, 56, and Lori Loughlin, 54, who starred in 'Full House,' are charged with conspiracy to commit mail fraud and honest services mail fraud. A federal judge set bond at $250,000 for Felicity Huffman after she was charged in a massive college admissions cheating scandal. (Photo by DAVID MCNEW / AFP) (Photo credit should read DAVID MCNEW/AFP/Getty Images)
Actress Felicity Huffman is seen inside the Edward R. Roybal Federal Building and U.S. Courthouse in Los Angeles, on March 12, 2019. - Two Hollywood actresses including Oscar-nominated 'Desperate Housewives' star Felicity Huffman are among 50 people indicted in a nationwide university admissions scam, court records unsealed in Boston on March 12, 2019 showed. The accused, who also include chief executives, allegedly cheated to get their children into elite schools, including Yale, Stanford, Georgetown and the University of Southern California, federal prosecutors said.Huffman, 56, and Lori Loughlin, 54, who starred in 'Full House,' are charged with conspiracy to commit mail fraud and honest services mail fraud. A federal judge set bond at $250,000 for Felicity Huffman after she was charged in a massive college admissions cheating scandal. (Photo by DAVID MCNEW / AFP) (Photo credit should read DAVID MCNEW/AFP/Getty Images)
Actress Felicity Huffman is seen inside the Edward R. Roybal Federal Building and U.S. Courthouse in Los Angeles, on March 12, 2019. - Two Hollywood actresses including Oscar-nominated 'Desperate Housewives' star Felicity Huffman are among 50 people indicted in a nationwide university admissions scam, court records unsealed in Boston on March 12, 2019 showed. The accused, who also include chief executives, allegedly cheated to get their children into elite schools, including Yale, Stanford, Georgetown and the University of Southern California, federal prosecutors said.Huffman, 56, and Lori Loughlin, 54, who starred in 'Full House,' are charged with conspiracy to commit mail fraud and honest services mail fraud. A federal judge set bond at $250,000 for Felicity Huffman after she was charged in a massive college admissions cheating scandal. (Photo by DAVID MCNEW / AFP) (Photo credit should read DAVID MCNEW/AFP/Getty Images)
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AP Entertainment Writer Andrew Dalton in Los Angeles contributed to this report

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