Prof Pleads Guilty to Tax Fraud

The Department of Justice has announced that former Auburn University professor Loyd Frank Lawing has pled guilty to wire, tax, and SBA fraud charges:

[Lawing pled guilty] to embezzling over $940,000 in monies that he was entrusted with as the Chapter Advisor, Secretary, and Treasurer of the Auburn University branch of the social fraternity Alpha Tau Omega. ... Lawing also pleaded guilty to tax evasion and to a fraud in connection with Small Business Administration 9/11 Disaster Loans. ... Lawing admitted that from approximately June 2002, and continuing until approximately July 13, 2005, when he had access to the fraternity’s banking accounts, he embezzled nearly all the fraternity’s funds from area Auburn banks. ...

Finally, Lawing admitted that he failed to report his embezzled income on his and his wife’s Federal Income Tax Return. ...  In total, Lawing has agreed to pay restitution of at least $1,335,836.88 to the victims in this case. Lawing could face up to twenty years imprisonment for his offenses and an additional fine of up to $250,000.

Press coverage:  Associated Press; Auburn News; Chronicle of Higher Education. (Hat Tip:  Richard Winchester.)