New York (CNN Business) The private equity firm TPG says it has fired executive William McGlashan, who this week was charged in a nationwide scheme to get students into elite colleges.

McGlashan was "terminated for cause" after the company reviewed the allegations outlined in a criminal complaint that named him, according to a statement from TPG. The firm said the firing was "effective immediately." He had been on administrative leave since Tuesday.

As part of the conspiracy, parents allegedly paid a college prep organization to take the test on behalf of students or to correct their answers. Additionally, the organization bribed college coaches to help admit the students into college as recruited athletes, prosecutors said. The scandal involves dozens of wealthy parents, coaches and college prep executives.

McGlashan agreed to pay $250,000 to participate in both parts of the scheme, according to the complaint. The goal was allegedly to get his son admitted to the University of Southern California.

"[W]e believe the behavior described to be inexcusable and antithetical to the values of our entire organization," TPG said in a statement.

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