Parents involved in the scam allegedly funneled cash into a "charitable account." The man who pleaded guilty to four charges in the scam, William Singer, helped the alter students' SAT and ACT tests and helped parents bribe athletic coaches and universities to take their kids, even if they didn't play sports, prosecutors said.
Yale University, Georgetown University, Stanford University, the University of Southern California and Wake Forest University were among the institutions that accepted children whose parents are accused in the scam.
The business executives charged by officials include Douglas Hodge, a former CEO of Pimco; William McGlashan Jr., a senior executive at TPG Capital; Agustin Huneeus, head of the Huneeus vineyard in Napa Valley, California; and Gordon Caplan, co-chairman of international law firm Willkie Farr. Actresses Felicity Huffman of ABC's "Desperate Housewives" and Lori Loughlin of ABC's "Full House" were also charged.
The Justice Department said that it believes most of the children were unaware of the bribery. Prosecutors have not charged any of the universities or students.
Warren's office did not immediately respond to CNBC's request for comment.
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