SOFC Officials Found Guilty in Organization Finances Ponzi Scheme
On Tuesday evening, Judge Melissa Walker delivered the final ruling in SOFC v. Texas A&M University. Walker found three Student Organization Finance Center (SOFC) employees guilty of fraud for operating a multi-million dollar Ponzi scheme through the use of student organization funds.
With numerous policies existing to enforce high ethical standards within student organizations, the decision came as a surprise to several SOFC employees. “We must have been too busy searching for organization fraud to realize our own,” Annie Velasquez said.
Student leaders from across campus met Thursday evening to plan the transition of all Texas A&M organization funds into more financially responsible institutions that provide increased deposit usage transparency.
“I called a local bank, and they said they would even pay us each month just to deposit our money with them,” said organization treasurer Elijah Tobin. “Imagine all the good we could do with that extra money.”
—Mugdown Treasurer
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