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Accident – Death – Obituary News : : 1. FAMU $237 million gift reveal
2. FAMU revocation letter warnings
Florida A&M University’s $237 million donation announcement from Gregory Gerami has sparked controversy after Raymond James Financial Services revoked its verification of deposit letter. Gerami, a Texas hemp farmer, made the announcement during a commencement ceremony but faced skepticism as questions arose about the accuracy of his stock donation. Emails revealed warnings from various sources, including a major gifts officer and a church ministry leader, about Gerami’s background. FAMU officials, including Board of Trustees members, expressed concerns about due diligence processes. An investigation by Buchanan Ingersoll & Rooney is underway to scrutinize the controversial donation and ensure accountability.
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1. FAMU donation controversy
2. FAMU gift revocation scandal
FAMU’s $237 Million Donation Controversy Unfolds
Florida A&M University made headlines a few weeks ago with the announcement of a record-breaking $237 million donation from Gregory Gerami. However, the celebratory mood quickly turned sour as major financial service company Raymond James revoked its support for the donation, casting doubt on Gerami’s account value.
The Raymond James Revocation
Raymond James Financial Services, the firm that issued verification of deposit letters confirming Gerami’s account balance, abruptly withdrew its support on April 10th. The Division Director stated that they could no longer stand by the accuracy of Gerami’s account value, raising concerns about the validity of the $237 million donation.
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Email Exchanges Raise Red Flags
Amidst the controversy, a series of email exchanges were revealed, shedding light on the skepticism surrounding Gerami’s donation. Major gifts officer Erich Horner from North Carolina State University’s athletics association cautioned FAMU to tread cautiously, citing previous instances where similar donations fell through.
Furthermore, church ministry leader Ron Overton warned FAMU President Larry Robinson about Gerami’s questionable background, describing him as someone who led a “fabricated life.” Overton highlighted Gerami’s history of failed donations to other universities, including Coastal Carolina University.
FAMU Board of Trustees Express Concern
Following the donation announcement, FAMU Board of Trustees members, including Vice Chair Deveron Gibbons and trustee Natlie Figgers, raised questions about the due diligence process and the lack of transparency surrounding Gerami’s donation. Gibbons expressed excitement about the gift but quickly shifted to inquiries about the donor agreement and background verification.
Figgers, appointed to the board by Governor Ron DeSantis, sought clarity on FAMU’s responsiveness to her inquiries and emphasized the importance of accountability in the donation process.
Investigation Launched into Donation Debacle
In response to the escalating controversy, FAMU initiated an investigation into the dubious donation, engaging the services of Buchanan Ingersoll & Rooney. The investigation, overseen by the Florida Board of Governors, aims to uncover the truth behind Gerami’s donation and ensure compliance with university policies and financial controls.
As the investigation unfolds, FAMU grapples with the fallout of the halted $237 million donation, navigating a complex web of scrutiny and skepticism surrounding Gerami’s purported generosity.
For more updates and insights on this unfolding saga, stay connected with us.
