The Latest on a college admissions bribery scandal that has led to charges against coaches and celebrities (all times local):

8:25 a.m.

The head of a Silicon Valley hedge fund who became ensnared in a massive college bribery scandal is stepping down.

Gregory Abbott, founder and chairman of International Dispensing Corporation, leaves after appearing in federal court in New York on bribery charges, Tuesday, March 12, 2019. (AP Photo/Bebeto Matthews)
Gregory Abbott, founder and chairman of International Dispensing Corporation, leaves after appearing in federal court in New York on bribery charges, Tuesday, March 12, 2019. (AP Photo/Bebeto Matthews)

Manuel Henriquez, who was also the top executive investment giant PIMCO until 2016, will be replaced as CEO and chairman of Hercules Capital in Palo Alto, California.

Henriquez was arrested in New York City and released on $500,000 bail after a brief appearance in Manhattan federal court Tuesday.

Shares of the hedge fund plunged 9 percent on word of Henriquez’ arrest Tuesday.

FILE - In this Feb. 28, 2019 file photo, actress Lori Loughlin, center, poses with daughters Olivia Jade Giannulli, left, and Isabella Rose Giannulli at the 2019
FILE – In this Feb. 28, 2019 file photo, actress Lori Loughlin, center, poses with daughters Olivia Jade Giannulli, left, and Isabella Rose Giannulli at the 2019 “An Unforgettable Evening” in Beverly Hills, Calif. (Photo by Chris Pizzello/Invision/AP, File)

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

Fifty people, including Hollywood stars Felicity Huffman and Lori Loughlin, were charged in the scheme in which wealthy parents allegedly bribed college coaches and other insiders to get their children into some of the nation’s most selective schools.

Federal authorities called it the biggest college admissions scam ever prosecuted by the U.S. Justice Department, with the parents accused of paying an estimated $25 million in bribes.

Actor William H. Macy arrives at the federal courthouse in Los Angeles, on Tuesday, March 12, 2019.  Fifty people, including Macy's wife, actress Felicity Huffman and actress Lori Loughlin, were charged Tuesday in a scheme in which wealthy parents allegedly bribed college coaches and other insiders to get their children into some of the nation's most elite schools. (AP Photo/Alex Gallardo)
Actor William H. Macy arrives at the federal courthouse in Los Angeles, on Tuesday, March 12, 2019. Fifty people, including Macy’s wife, actress Felicity Huffman and actress Lori Loughlin, were charged Tuesday in a scheme in which wealthy parents allegedly bribed college coaches and other insiders to get their children into some of the nation’s most elite schools. (AP Photo/Alex Gallardo)
U.S. Attorney for District of Massachusetts Andrew Lelling announces indictments in a sweeping college admissions bribery scandal, during a news conference, Tuesday, March 12, 2019, in Boston. (AP Photo/Steven Senne)
U.S. Attorney for District of Massachusetts Andrew Lelling announces indictments in a sweeping college admissions bribery scandal, during a news conference, Tuesday, March 12, 2019, in Boston. (AP Photo/Steven Senne)
FILE - This Sept. 17, 2017 file photo shows actress Felicity Huffman at the 69th Primetime Emmy Awards in Los Angeles. (Photo by Jordan Strauss/Invision/AP, File)
FILE – This Sept. 17, 2017 file photo shows actress Felicity Huffman at the 69th Primetime Emmy Awards in Los Angeles. (Photo by Jordan Strauss/Invision/AP, File)
John Vandemoer, former head sailing coach at Stanford, arrives at federal court in Boston on Tuesday, March 12, 2019, where he was expected to plead guilty to charges in a nationwide college admissions bribery scandal. (AP Photo/Steven Senne)
John Vandemoer, former head sailing coach at Stanford, arrives at federal court in Boston on Tuesday, March 12, 2019, where he was expected to plead guilty to charges in a nationwide college admissions bribery scandal. (AP Photo/Steven Senne)
FILE - This May 15, 2002 file photo shows Los-Angeles based clothing designer Mossimo Giannulli posing with his fall preview clothing for Target department stores in New York. (AP Photo/Kathy Willens, File)
FILE – This May 15, 2002 file photo shows Los-Angeles based clothing designer Mossimo Giannulli posing with his fall preview clothing for Target department stores in New York. (AP Photo/Kathy Willens, File)
FILE - In this Dec. 14, 2014 file photo, UCLA coach Jorge Salcedo reacts during the first half of an NCAA College Cup championship soccer game against Virginia in Cary, N. (AP Photo/Gerry Broome, File)
FILE – In this Dec. 14, 2014 file photo, UCLA coach Jorge Salcedo reacts during the first half of an NCAA College Cup championship soccer game against Virginia in Cary, N. (AP Photo/Gerry Broome, File)
FBI Special Agent in Charge Boston Division Joseph Bonavolonta, left, and U.S. Attorney for District of Massachusetts Andrew Lelling, right, face reporters as they announce indictments in a sweeping college admissions bribery scandal during a news conference, Tuesday, March 12, 2019, in Boston. (AP Photo/Steven Senne)
FBI Special Agent in Charge Boston Division Joseph Bonavolonta, left, and U.S. Attorney for District of Massachusetts Andrew Lelling, right, face reporters as they announce indictments in a sweeping college admissions bribery scandal during a news conference, Tuesday, March 12, 2019, in Boston. (AP Photo/Steven Senne)
Texas men's tennis coach Michael Center walks with Defense lawyer Dan Cogdell away from the United States Federal Courthouse in Austin, Texas, Tuesday, March 12, 2019. (Ricardo B. Brazziell
Texas men’s tennis coach Michael Center walks with Defense lawyer Dan Cogdell away from the United States Federal Courthouse in Austin, Texas, Tuesday, March 12, 2019. (Ricardo B. Brazziell
In this January 2018 photo, Texas men’s tennis coach Michael Center surveys the courts before the matches with UTSA, in Austin, Texas. (Ralph Barrera/Austin American-Statesman via AP)
In this January 2018 photo, Texas men’s tennis coach Michael Center surveys the courts before the matches with UTSA, in Austin, Texas. (Ralph Barrera/Austin American-Statesman via AP)
In this still image taken from video, actress Felicity Huffman walks towards the door in the lobby of a Los Angeles court after she is released on a $250,000 bond, Tuesday, March 12, 2019. (AP Photo/Rick Taber)
In this still image taken from video, actress Felicity Huffman walks towards the door in the lobby of a Los Angeles court after she is released on a $250,000 bond, Tuesday, March 12, 2019. (AP Photo/Rick Taber)
In this still image taken from video, actress Felicity Huffman, escorted by courthouse security officers, enters an elevator in the lobby of a Los Angeles court after being released on a $250,000 bond, Tuesday, March 12, 2019. (AP Photo/Ryan Pearson)
In this still image taken from video, actress Felicity Huffman, escorted by courthouse security officers, enters an elevator in the lobby of a Los Angeles court after being released on a $250,000 bond, Tuesday, March 12, 2019. (AP Photo/Ryan Pearson)
Actress Felicity Huffman was released on $250,000 bail Tuesday in a case in which she is accused of paying a bribe to secure her daughter's admission to college. (March 13)
Actress Felicity Huffman was released on $250,000 bail Tuesday in a case in which she is accused of paying a bribe to secure her daughter’s admission to college. (March 13)
At least nine coaches and 33 parents, including two TV actresses, have been charged in what prosecutors say was a scheme in which wealthy parents paid bribes to get their children into some of the nation's most elite colleges. (March 12)
At least nine coaches and 33 parents, including two TV actresses, have been charged in what prosecutors say was a scheme in which wealthy parents paid bribes to get their children into some of the nation’s most elite colleges. (March 12)
Fifty people were charged Tuesday in a scheme in which wealthy parents allegedly bribed college coaches and other insiders to get their children into some of the nation's most selective schools. (March 12)
Fifty people were charged Tuesday in a scheme in which wealthy parents allegedly bribed college coaches and other insiders to get their children into some of the nation’s most selective schools. (March 12)