TALLAHASSEE, FL (WTXL) - An investigation into the theft by a former comptroller from Florida State University's Seminole Boosters has revealed how much money he actually stole and his involvement in the theft.
Seminole Boosters says that Sanford Lovingood was the only person involved in the theft of $870,000 from the organization.
They first learned of this back in October 2014, and Lovingood was immediately fired. Seminole Boosters says that the money was "limited to unauthorized transactions in a single brokerage clearing account used to transfer gifts of stock from donors."
Boosters' insurance policy covers the theft, and a claim was filed in December, according to the organization.
Mike Harrell, chairman of the Seminole Boosters Board of Directors says that “we were disappointed there was a breakdown in our internal controls related to the single account but we have been assured that the internal controls where the vast majority of our financial transactions occur are strong.”
Andy Miller, CEO and President of Seminole Boosters says that all gifts and transfers that were taken in the theft were properly credited to their donors: “We are taking steps to keep anything like this from ever happening again as donor trust has been a cornerstone of the culture of Seminole Boosters.”
