Monday, March 27, 2006

USC in the News!

Professor charged with swindling students

LOS ANGELES (Reuters) - A business professor at the University of Southern California was arrested on Friday by the FBI on charges of swindling students and others in a real estate fraud, the U.S. Attorney's Office said.

Barry Landreth, who had taught real estate finance and development at the university, stole at least $1.5 million (860,000 pounds) in the first 10 months of 2005, telling students and other investors he would buy land in Chicago and Las Vegas and then sell it for large profits, an FBI affidavit said.

Instead, he transferred all the money into his personal account without buying the land, the FBI said.

Landreth was arrested at his home, where he kept a stable of show horses.

The university said in a statement Landreth had worked part-time at the school. Most recently, he taught a course in the Marshall School of Business and was currently on administrative leave.


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