BOSTON — A former private equity executive from Marin County who cofounded an investment fund with U2′s Bono was sentenced Wednesday to three months in prison for his role in the college admissions bribery scheme.

William McGlashan, Jr. of Mill Valley appeared at times to fight back tears as he told the judge he was deeply sorry for his actions and was ready to serve his punishment behind bars.

“In a world where fairness is in short supply what I did is totally unacceptable,” McGlashan said in the hearing held via videoconference. “I’m totally committed to using my resources and time to making a positive impact in the world the rest of my life,” he said.

McGlashan, a former TPG Capital senior executive, admitted in February to paying $50,000 to have someone secretly correct his son’s ACT answers.

Among more than 60 letters of support for McGlashan filed by his lawyers was a letter from McGlashan’s son, who told the judge that nothing other than “parental insanity” explains his father’s involvement in the scheme.

“He knew better. After everything blew up, I hugged him, and told him that I would have just taken the test again if I hadn’t gotten a good score. We both burst into tears at the stupidity and absurd waste,” his son wrote.

McGlashan worked with the U2 star Bono and Jeff Skoll, the first president of internet auction site eBay, to launch a social impact fund called the Rise Fund, which says it “invests in companies driving measurable…

Read more…