Colleges and Universities and Ball State University and Investing and Banking & Finance and Securities fraud and Education & Workforce Development

Sports memorabilia forfeited to help repay Ball State

June 19, 2014

A New York City man who pleaded guilty to wire fraud for his role in an investment fraud scheme that cost Ball State University $3.8 million has agreed to forfeit a baseball jersey autographed by Mickey Mantle and boxing gloves autographed by Mike Tyson to pay restitution.

According to the Star Press, 46-year-old George Montolio consented to the forfeiture during criminal proceedings. He also agreed to forfeit four row house-style apartment buildings in the Bronx and a 2010 Chevrolet Camaro.

Montolio was sentenced on March 7, 2013, after pleading guilty in New York City to one count of wire fraud. His conviction was related to a $5 million investment by the university.

Ball State also was defrauded of about $8 million in another investment-fraud scheme by 37-year-old Seth Beoku Betts of Florida, who has forfeited a $1 million waterfront home in Palm Beach County that he bought with university money.

Betts was sentenced to four years in prison for wire fraud earlier this month. He was ordered to pay $8.16 million in restitution.

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