$500K to $700K Stolen from FSU Boosters

Wow, I received this email tonight:

Official Release from Florida State University and Seminole Boosters, Inc.

Oct. 1, 2014

Tallahassee, FL. — Seminole Boosters Chief Executive Officer and President Andy Miller announced today that Sanford Lovingood, comptroller at Seminole Boosters, has been terminated after allegedly misappropriating what is believed to be between $500,000 and $700,000.

The alleged misappropriation was discovered today during a review of banking records, and the Boosters are working diligently to resolve the matter. A forensic audit is under way to determine the amount of funds and how they were allegedly taken, Miller said.

The Boosters immediately terminated Lovingood’s employment and began an internal investigation. The Boosters also will assist with an investigation by the Leon County Sheriff’s Office, Miller said. The Boosters briefed FSU Interim President Garnett S. Stokes, the Board of Trustees, the administration, Athletics Department and the Seminole Booster Board of Directors.

Lovingood turned himself in to the Leon County Sheriff’s Office and is cooperating with law enforcement.

"We will aggressively pursue recovery of the funds and are confident they will be restored," said Mike Harrell, chairman of the Seminole Boosters Board of Directors. "We take our fiscal responsibilities very seriously."

The Seminole Boosters are a 501(c)(3) Florida corporation. Seminole Boosters, Inc. is designated as the Direct Support Organization for FSU Athletics.

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