[1] According to some sources, after graduating from high school, he studied business and architecture at the University of Southern California for three years before dropping out in 1987;[1] in the wake of the college entrance scandal in which Giannulli was involved, however, CNN reported that Giannulli tricked his father into giving him money for tuition (which he used to fund his t-shirt business) and falsified report cards, with his actual education at the university consisting only of attending "USC during the spring semester in 1984, but not as a fully matriculated student.
"[2] Giannulli created Mossimo, a mid-range American clothing company in 1986 on Balboa Island in Newport Beach, California.
[citation needed] After eight years in business, Mossimo, Inc. had grown into a multimillion-dollar lifestyle sportswear and accessories company.
[4] After shares tumbled from $50 to $4 when the founder tried and failed to make the transition from streetwear/beachwear to high fashion,[4] he took the brand downscale, announcing on March 28, 2000, Mossimo, Inc. a major, multi-product licensing agreement with Target stores, for $27.8 million.
[4] Giannulli and his wife Lori Loughlin were arrested on March 12, 2019, in connection with their alleged involvement in a nationwide college entrance exam cheating scandal, regarding their two daughters' (including Olivia Jade) admission to the University of Southern California (USC).
[11][12] The indictment against the couple alleged that they paid $500,000, disguised as a donation to the Key Worldwide Foundation, so that USC's admissions committee would think that their two daughters would be joining the school's women's rowing team if admitted.
[19] Giannulli entered the medium-security federal penitentiary in Lompoc, California on November 19, 2020, to serve his five-month sentence and was scheduled for release on April 17, 2021.