MUNCIE, Ind. - A man convicted of bilking Ball State University out of $8 million in a fraudulent investment scheme has been sentenced to four years in a prison.
Thirty-eight-year-old Seth Beoku Betts was sentenced Thursday in U.S. District Court in New York City. He was arrested in June 2013 in North Carolina on a wire fraud charge stemming from a scheme prosecutors say Betts used to misappropriate more than $8 million from Ball State.
The Star Press reports Betts persuaded a Ball State investments director to invest millions in the mortgage market, but instead spent the money on luxury cars, a house in Florida and other personal indulgences.
Ball State President Jo Ann Gora says the Muncie school isn't "the first university to have been victimized by unscrupulous firms."