A Florida man is accused of defrauding HBCU Allen University out of million in a federal case involving a planned football stadium that was never built.
A federal grand jury has indicted Lamonica “Monti” Valrie, 66, of Hollywood, Florida, on one count of wire fraud and three counts of money laundering.
Federal prosecutors say Valrie defrauded Allen University, the African Methodist Episcopal Church and other victims of more than $6 million.
The case centers on a proposed football stadium for Allen University, a private HBCU in Columbia, South Carolina. The AME Church serves as the university’s parent organization.
According to the indictment, Valrie used his company, 50 Plus 1 L.L.C., to enter into a partnership with Allen University in August 2023.
Prosecutors say Valrie promised to build the football stadium at no cost to Allen.
However, the indictment alleges Valrie did not have enough funding to develop or construct the stadium.
That set the stage for a much different arrangement.
Allen University agreed to pay millions
In January 2024, Valrie secured an amendment to the agreement, according to federal prosecutors. The new deal obligated Allen University to pay him up to $3 million to speed up construction. The goal was to have a playable field ready by the start of the 2024 football season.
Allen University paid Valrie a $500,000 lump sum, prosecutors allege. The HBCU also agreed to pay him $70,000 per month to expedite the project. The indictment says the money was supposed to advance construction.
Prosecutors also accuse Valrie of defrauding the AME Church of approximately $154,000 in additional stadium-related funds.
Despite the payments, the project never reached completion. The U.S. Attorney’s Office stated that no stadium was ever built. Instead, federal prosecutors allege Valrie spent the money on personal luxury purchases.
Those purchases included exotic supercars, jewelry and other luxury goods. Prosecutors also say he spent money on a yacht charter and a high-end rental home in South Florida.
The allegations turned what was supposed to be a major athletics investment into a federal fraud case.
HBCU Stadium project carried major significance
The proposed stadium represented an important step for Allen University football. Allen revived its football program in 2018 after decades without the sport. Since then, the Yellow Jackets have played home games away from their main campus.
A permanent stadium would have given the program its own home venue while strengthening Allen University’s athletics infrastructure.
Instead, the project is now tied to a federal criminal case.
Valrie was arrested in Florida and made his first appearance in federal court in the Southern District of Florida.
He is expected to make future court appearances in South Carolina. If convicted, Valrie faces up to 20 years in federal prison.
The FBI Columbia Field Office investigated the case. Assistant U.S. Attorney T. DeWayne Pearson is prosecuting it.
Valrie has not been convicted. The charges in the indictment are allegations, and he is presumed innocent unless proven guilty beyond a reasonable doubt in court.
