Florida HBCU floored after record $238 million ‘gift' from 30-year-old hemp mogul turns out to be worthless [Fortune]
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Source: Fortune
But the money wasn't coming from a wealthy captain of industry, a deep-pocketed philanthropist or even an alumnus. It wasn't in the form of cash or publicly traded shares, but rather illiquid stock. The man behind the gift was Gregory Gerami, 30, who the school initially described as a “champion of sustainable agriculture and biodegradable hemp products in Texas.” He had no prior connection to Florida A&M and there was little public information to back his status as a multimillionaire able to write one of the largest philanthropic checks ever in higher education. Now, Florida A&M is contending with questions about lax internal controls. The university, which initially backed the authenticity of the gift, recently removed a press release about it from its website and decided to put it on hold amid rising doubts. The board of trustees will hold an emergency meeting Wednesday afternoon to discuss next steps. Gerami didn't respond to multiple messages and phone calls. “I learned
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