I think some people may see jail time on this!

UofL, Foundation file suit against Ramsey, former administrators
The University of Louisville and the University of Louisville Foundation filed suit today against former President James Ramsey and other former Foundation officials alleging breach of fiduciary duty, fraudulent appropriations and improper diversion of funds for personal gain.

The suit filed in Jefferson Circuit Court claims that during the period from 2008 to 2016, Ramsey and others conspired to divert millions of dollars from the Foundation’s endowment into speculative and unauthorized ventures, putting the Foundation at risk. The suit further charges that these individuals depleted the endowment through complicated – and often unauthorized – transactions designed to avoid scrutiny and circumvent the Foundation’s approved rules and annual budget.

The suit also claims that Ramsey and his chief of staff, Kathleen McDaniel Smith, colluded to pay excessive compensation to themselves and others. It further states that they intentionally concealed the improper expenditures and compensation, and that their actions caused the Foundation to lose millions of dollars.

Also named in the suit are former finance officers Michael Curtin and Jason Tomlinson; former Foundation Chair Burt Deutsch; and law firm Stites & Harbison, which served as the Foundation’s legal counsel.

More information, including the full complaint, are available at UofLNews.com.

How did UL athletics make so much money if it's leaders were embezzling? Wow...

Our alumni and local business support Louisville. But we demanded that this abuse be stopped. We fill fix it and move on.

(04-25-2018 01:02 PM)Hokie Mark Wrote:  How did UL athletics make so much money if it's leaders were embezzling? Wow...

This is not about U of L athletics.

This is about the University Foundation.

For some dumb reason, the former University president was also made the president of the U of L Foundation. (To quote the sheriff in Vacation "I ain't never seen nobody so sh!tall stupid as you! You must got manure for brains!").

This allowed for some "creative accounting" to occur.

I have no idea if there is any merit to this lawsuit, or if this is just a political attempt to separate the current admin, from the past admin, and all the shenanigans that went on there.

(04-25-2018 01:02 PM)Hokie Mark Wrote:  How did UL athletics make so much money if it's leaders were embezzling? Wow...

I'd ask him

(04-25-2018 03:50 PM)Pervis_Griffith Wrote:  

(04-25-2018 01:02 PM)Hokie Mark Wrote:  How did UL athletics make so much money if it's leaders were embezzling? Wow...

This is not about U of L athletics.

This is about the University Foundation.

For some dumb reason, the former University president was also made the president of the U of L Foundation. (To quote the sheriff in Vacation "I ain't never seen nobody so sh!tall stupid as you! You must got manure for brains!").

This allowed for some "creative accounting" to occur.

I have no idea if there is any merit to this lawsuit, or if this is just a political attempt to separate the current admin, from the past admin, and all the shenanigans that went on there.

If there were anything to it you would think that the FBI would have made some arrests after their investigation. There were likely some unethical diversion of funds (to athletics), unauthorized bonuses for university top fundraisers, risky real estate accusations (Silos) & certainly virtually zero oversight but I would question the embezzlement claim. A university president is rarely also the chairman of the universities foundation, for good reasons. As president, Ramsey did a lot of great things for the university. The issues with the foundation seems to have been cleaned up. There may be some merit to the lawsuit but there is definitely some politics as well.


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I understand that Jonathan Blue got upset that Jim Ramsey was using foundation resources to speculate in real estate against his development group, Blue Equity.

Ramsey cost Blue a lot of money.

Now Blue is on the BOT pushing for Ramsey to pay up.

Lenville is correct. There is merit to what the BOT is doing but some of it is personal.
CJ

Louisville has stepped up...... big time....... to rectify their problems.
They are going to become a really good conference mate.

(04-27-2018 10:26 PM)XLance Wrote:  Louisville has stepped up...... big time....... to rectify their problems.
They are going to become a really good conference mate.

+1

(04-27-2018 10:26 PM)XLance Wrote:  Louisville has stepped up...... big time....... to rectify their problems.
They are going to become a really good conference mate.

+3

(04-27-2018 10:26 PM)XLance Wrote:  Louisville has stepped up...... big time....... to rectify their problems.
They are going to become a really good conference mate.

At one time I doubted the University and the BOT....
No longer. Our new President is a home run!
Tyra is great and Mack is a HomeRun. In my opinion, we have come out on top of a bad situation.

(04-28-2018 08:23 PM)Dasville Wrote:  

(04-27-2018 10:26 PM)XLance Wrote:  Louisville has stepped up...... big time....... to rectify their problems.
They are going to become a really good conference mate.

At one time I doubted the University and the BOT....
No longer. Our new President is a home run!
Tyra is great and Mack is a HomeRun. In my opinion, we have come out on top of a bad situation.

+3 Spot on!