Florida State Booster Accused of Grand Theft for Stealing $700K – BlackSportsOnline
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Florida State Booster Accused of Grand Theft for Stealing $700K

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A Florida State booster has been accused of Grand Theft for allegedly misappropriating thousands of dollars.

New allegations of “misappropriating” funds by the comptroller of the athletic booster club at Florida State University have surfaced.

Sanford Lovingood is accused of “misappropriating” between $500,000 and $700,000.

Lovingood turned himself in to the Leon County Sherriff’s Office on Wednesday. He is charged with first-degree grand theft of over $100,000. Lovingood told police he had been stealing money from the club since 2011, according to the arrest affidavit written by officer Jared Lee.

Lovingood said he had access to a Morgan Stanley account in which stock donations are made to the booster club and then sold and turned into cash. He wrote checks from the account to the Schooner Development Co. The Florida Department of State Division of Corporations lists Lovingood as the registered agent for the company, and the principal address for the business is the same as Lovingood’s home address. He told police that he used the stolen money to pay for his own investments and personal expenses.

According to the affidavit, Lovingood said he understood that he could not repay the money during his lifetime and thought he could repay it by willing property to the booster club upon his death.

I don’t know how strapped for cash Mr. Lovingood was at the time, but I don’t know how he expected to take such a large amount of money and expect nobody to notice.



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