A Florida man is facing federal charges after prosecutors accused him of taking millions of dollars tied to a planned football stadium for Allen University, a historically Black university and spending some of the money on luxury purchases.
The U.S. Department of Justice said Lamonica “Monti” Valrie, 66, allegedly used some of the money for personal expenses, including exotic supercars, jewelry, luxury goods, a yacht charter and a high-end rental home in South Florida.
The four-count indictment charges Valrie with money fraud and money laundering and alleges he defrauded Allen University in Columbia, South Carolina, its parent organization, the African Methodist Episcopal Church and other victims of more than $6 million.
WSAV News reported that the case centers on a proposed stadium for Allen University that was never built.
According to the DOJ, Valrie partnered with Allen University in August 2023 through his company, 50 Plus 1 L.L.C., and promised to build a football stadium without requiring the university to pay for its construction.
Prosecutors allege Valrie did not have enough funding to build the stadium. The DOJ said an amended agreement in January 2024 required Allen to pay Valrie up to $3 million to accelerate the project and provide a playable field for the 2024 football season.
Allen University allegedly gave Valrie a $500,000 lump sum, followed by monthly payments of $70,000, according to the indictment.
The DOJ said the indictment also accuses Valrie of obtaining about $154,000 from the AME Church for other stadium-related expenses.
Valrie was arrested in Florida and made an initial appearance in federal court in the Southern District of Florida, according to the DOJ. He faces a maximum sentence of 20 years in federal prison if convicted.
The FBI's Columbia Field Office investigated the case, the DOJ said.
The charges are allegations. Valrie is presumed innocent unless proven guilty in court.
The Black Information Network is your source for Black News! Get the latest news 24/7 on The Black Information Network. Listen now on the iHeartRadio app or click HERE to tune in live.