Professor on AG's order: I've taken Web site down
Mon, 25 Mar 2013 22:43:35 GMT —
COLUMBIA, S.C. (AP) -- Attorney General Alan Wilson has ordered a University of South Carolina Upstate professor to stop asking people to invest in a private college he's starting.
Wilson's office announced Monday it issued a cease and desist order against professor Richard Routh and his business, Invictus University. The order issued Friday accuses Routh of offering unregistered securities.
Routh calls it a huge misunderstanding. The Rutherfordton, N.C., resident says the business doesn't exist and he took his Web site down. He says it was partially a classroom project.
The order says the web site's welcome page invited people to invest $200,000 for 0.1 percent of the company.
Wilson's office says the investigation into Invictus continues.
College spokeswoman Tammy Whaley says USC-Upstate is looking into whether Routh's efforts represent a conflict of interest.