- University of South Carolina (USC) Upstate business informatics professor Richard "Ric" Routh was issued a cease and desist order by South Carolina Attorney General Alan Wilson regarding the alleged selling of unregistered securities related to his private college start-up, Invictus University.
- In a press release Monday, Wilson said that Routh intends to finance the private university through investor stock purchases, but that he was ordered to stop because neither he or the university are registered with the state's Secretary of State nor allowed by the state's Securities Division to sell securities.
- The website for Invictus allegedly invited visitors to donate specific amounts and featured a disclaimer that securities were not being sold, but it now appears to have been taken offline or is under construction, and USC is investigating whether or not there is a conflict of interest in Routh's efforts to launch a private university.
From the article:
SC Attorney General Alan Wilson announced Monday his office has ordered a USC Upstate professor to cease and desist from offering unregistered securities related to a new private college start-up.
Wilson's order was directed at professor Richard "Ric" Routh, of Rutherfordton, N.C., a USC Upstate business informatics professor reportedly starting a private college called Invictus University. ...