"What we do is help the wealthiest families in the U.S. get their kids into school.my families want a guarantee", he allegedly said. Former Pimco Chief Executive Douglas Hodge is due to be arraigned in federal court in Boston, officials said.
"I have a side-door to get them in by helping fund their endowments", Lockwood said that Singer told him.
Prosecutors in the USA attorney's office in Boston say his company, Edge College & Career Network, amassed $25 million through the fraud.
Prosecutors said numerous students had no idea what their parents had allegedly done.
"We're not talking about donating a building so a school is more likely to take your son or daughter, we're talking about deception or fraud", Lelling said.
Huffman and Loughlin were among 40 individuals implicated in "Operation Varsity Blues", an indictment spawned by parents paying millions in bribe money to help their children get access into some of the country's most elite universities.
Court records show a warrant had been issued for Loughlin's arrest.
Coaches, including the women's soccer coach at Yale University and the sailing coach at Stanford University, took between $200,000 and $400,000 to accept the students onto their teams.
Federal Bureau of Investigation spokeswoman Laura Eimiller told AFP that Loughlin, 54, surrendered to Federal Bureau of Investigation agents early Wednesday after returning from Vancouver, where she was filming, and she is set to be arraigned later in the afternoon on fraud-related charges.
Several defendants, including Huffman, were charged with conspiracy to commit fraud, punishable by up to 20 years in prison.
She and Giannulli are accused of paying $500,000 in bribes to designate their two daughters as recruits to the University of Southern California crew team, even though they did not participate in crew, according to court documents released Tuesday.
Around the time that she was allegedly involved in the scheme, "Extra" caught up with Lori, who expressed how "proud" she was of daughter Olivia Jade at the 2017 Marie Claire Fresh Faces event in Los Angeles.
Court documents allege "Huffman and her husband [actor William H. Macy] 'made a purported charitable contribution of $15,000...to participate in the college entrance exam cheating scheme on behalf of her eldest daughter".
"Huffman's daughter received a score of 1420 on the SAT, an improvement of approximately 400 points on her PSAT", according to the Federal Bureau of Investigation.