Owner of company behind failed St. Aug's deal pleads not guilty to federal fraud charges

The owner of Florida-based sports development company
50 Plus 1 Sports pleaded not guilty to fraud and money-laundering charges in federal
court Wednesday.

Prosecutors say Lamonica “Monti” Valrie bought
luxury items like jewelry, cars and rental property in a $6 million scheme.

The company’s failed $70-million
deal with Saint Augustine’s University would have leased the school’s
property for mixed-use development. In a similar agreement, prosecutors say
owner Lamonica “Monti” Valrie defrauded another historically Black university,
Allen University in South Carolina.

Like…

CLICK HERE to read the FULL Owner of company behind failed St. Aug's deal pleads not guilty to federal fraud charges article.

MANAGEMENT & CULTURE (THE “TONE AT THE TOP”)

Fraud thrives in “sloppy” environments where leadership ignores the rules.

• The Fraud Triangle: For fraud to occur, three elements must be present: Pressure (the need for money), Rationalization (thinking “I deserve this”), and Opportunity (weak controls). You can only control the Opportunity.
• Whistleblower Hotline: Provide an anonymous way for staff to report “odd behavior.” Most internal frauds are caught via tips, not audits.
• Background Checks: Conduct credit and criminal record checks for all employees in financial or data-sensitive roles.
• Annual Ethics Training: Make sure every staff member knows that the company has a Zero Tolerance policy toward “borrowing” from petty cash or fudging overtime.