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Oppenheimer FA Reportedly Involved in College Admissions Bribery Ring: News Reports

May 1, 2019

An Oppenheimer & Co. financial advisor allegedly helped a Chinese family pay more than a million dollars to the admissions counselor at the heart of the college admissions bribing scandal sweeping the U.S., according to news reports.

That advisor is Qiuxue Yang, known as Valerie, who works at a small Los Angeles unit of Oppenheimer called the Summa Group, a person familiar with the matter tells the Wall Street Journal.

Federal court filings, meanwhile, state that an unnamed Los Angeles-based advisor facilitated payments to the counselor, William "Rick" Singer, for getting their child a slot at Yale University, according to the paper.

Singer, who’s the founder, CEO and master coach of the Key Worldwide Foundation, pleaded guilty in March to racketeering conspiracy, money laundering conspiracy, conspiracy to defraud the U.S., and obstruction of justice, as reported.

The Journal reported last week that a Los Angeles financial advisor had introduced Singer to the family of Sherry Guo, who allegedly paid the college counselor $1.2 million to place her into Yale.

Guo’s lawyer told the paper yesterday that the financial advisor connected to the family worked as a translator for Guo’s father’s conversations with Singer.

Yang didn’t respond to the Journal’s request for comment. But Oppenheimer told the paper yesterday that Yang had met a member of a Chinese family and provided translation services to that person, and that it was during that activity that the person asked for a recommendation for a college counselor.

Yang then introduced the person to Singer, Oppenheimer says, adding that the Chinese family has never been one of its clients, according to the Journal.

Previously, Oppenheimer said it had “very limited” relations with Singer’s foundation, the paper writes and FAIQ has reported.

By Alex Padalka
  • To read the Wall Street Journal article cited in this story, click here.