Lamonica “Monti” Valrie has been accused of defrauding historically Black Allen University for a proposed football stadium that was never constructed, according to a report from WSPA News in Columbia, South Carolina.
A federal grand jury in Columbia has indicted Valrie on four counts of wire fraud and money laundering. According to the case, Valrie defrauded Allen University; its parent organization, the African Methodist Episcopal Church; and other victims of over $6 million.
The indictment claims Valrie’s business entity, 50-plus one LLC, partnered with Allen University in August 2023 to construct a football stadium at no cost to the HBCU. In January 2024, Valrie secured an amendment to his agreement with Allen University, requiring the HBCU to pay him up to $3 million to expedite the construction project and ensure it would open by the start of the 2024 football season. As part of the agreement, Valrie received a $500,000 lump sum with $70,000 monthly payments from Allen University. Alongside those funds, Valrie allegedly defrauded the African Methodist Episcopal Church of some $154,000 in other stadium-related funds.
Instead of advancing the project as explicitly outlined in the amended agreement, Valrie allegedly spent the money on personal luxury products, including exotic supercars, jewelry, luxury goods, a yacht charter, and a high-end rental home in South Florida.
Valrie was arrested in his home state of Florida and appeared in federal court in the Southern District of Florida. He will make a future court appearance in South Carolina, facing a maximum penalty of 20 years in federal prison if convicted.
