South Carolina-based HBCU Allen University was allegedly defrauded of $6 million in stadium funds, per a report by HBCU Gameday. A federal jury has indicted Lamonica “Monty” Valerie on one count of wire fraud and three counts of money laundering. Valerie is 66 and lived in Hollywood, Florida. Valerie was arrested in Florida and, if he is convicted of the crimes, he could face up to 20 years in prison.

Federal prosecutors allege that Valerie used his company, 50+1 LLC, to partner with Allen University in August 2023 to build a football stadium at no cost to the institution. He ultimately defrauded Allen University, the African Methodist Episcopal Church, and others of sums totaling more than $6 million.

HBCU Gameday reports that federal prosecutors say the fraud escalated in January 2024, when Valrie secured an amendment to the original deal that pushed Allen University's financial obligation to as much as $3 million, all in the name of speeding up construction ahead of the 2024 football season. That amendment translated into real money changing hands: a $500,000 lump sum upfront, followed by $70,000 in monthly payments the university believed were funding active construction.

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Prosecutors say Valrie's fraud extended beyond the university, pointing to roughly $154,000 taken from the AME Church under the same stadium project. Yet none of it produced results. The U.S. Attorney's Office says the stadium was never built, and prosecutors allege the money instead went toward personal luxury purchases.

The incident came as Allen University revived its football program in 2018 and rejoined the SIAC in the 2020-2021 year. They've competed in the conference for 6 years and currently boast a 2-1 record.