MUNCIE, Ind. (AP) – Ball State University has received about $695,000 in restitution from one of two men convicted of stealing $13.1 million from the university.
On Tuesday, the school announced that it had received the check from Seth Beoku Betts of Florida, who’s currently serving a 51-month prison term for securities fraud. The (Muncie) Star Press reports that Ball State hasn’t received restitution from George Montolio of New York, who was convicted of wire fraud.
University treasurer Bernard Hannon says Ball State wrote off $2.9 million of the total $13.1 million lost in fiscal year 2011 and wrote off the remainder in fiscal year 2014.
He says the university will continue cooperating with law enforcement to recover any additional funds to help offset some of the written-down losses.