TALLAHASSEE, Fla. — A record multi-million dollar gift to Florida’s only public historically Black university has been void for months, an independent investigator said Thursday.
A third-party report determined school officials failed to vet a “fraudulent” contribution and that the donor’s self-valuation of his fledgling hemp company was “baseless.”
Little-known entrepreneur Gregory Gerami’s donation of more than $237 million was “invalidated” ten days after its big reveal at Florida A&M University’s graduation ceremony because of procedural missteps, investigator Michael McLaughlin told trustees.
Gerami violated his equity management account’s terms by improperly transferring 15 million stock shares in the first place, according to an Aug. 5 report by the law office of Buchanan Ingersoll & Rooney, PC.
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When the company terminated Gerami’s contract on May 14, McLaughlin said, any stock certificates in FAMU Foundation’s possession were canceled.
Moreover, the foundation never …