The owner of Florida-based sports development company 50-Plus-1 now faces federal fraud and money laundering charges for a $6 million scheme.
The company’s failed $70-million deal with Saint Augustine’s University would have leased the school’s property for mixed-use development. In a similar agreement, prosecutors say owner Lamonica “Monti” Valrie defrauded another historically Black university, Allen University in South Carolina.
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Like St. Aug’s, Allen University is a small, private, church-founded HBCU. Prosecutors say Valrie originally promised to build Allen University a football stadium.
“No stadium was ever built,” according to a news release from the US Attorney’s Office in the South Carolina District. “Instead, Valrie spent the funds on personal luxury purchases, including exotic supercars, jewelry, luxury goods, a Yacht charter, and a high-end rental home in South Florida.”
According to court filings, Valrie specifically rented extravagant luxuries instead of buying them outright.
“Valrie’s choice ensures that once victim funds are expended, there is no method of recovery,” court documents read.
Valrie initially said he would not charge the school any money for the project but later required the school to pay $3 million to expedite construction to be ready for the 2024 football season, according to the US Attorney’s Office. The school paid $500,000 up front and $70,000 monthly to pay Valrie. Prosecutors say Valrie also defrauded the African Methodist Episcopal (AME) Church out of $154,000.
“Valrie did not have sufficient funding sources to develop, construct, or build a stadium,” the news release reads.
Saint Augustine’s deal with 50 Plus 1 stalled after the North Carolina Attorney General’s Office flagged “serious concerns” with its terms.
The university announced the agreement after WRAL Investigates found details in a 2024 audit. School leaders were banking on its approval to prove financial stability to its accrediting board.
“What you guys may see is $70 million on paper right now, [but] this has the potential to be over $1 billion worth of revenue for the institution in years to come,” previous interim president Marcus Burgess told WRAL Investigates in an one-on-one interview in 2024.
Since then, St. Aug’s filed for bankruptcy, officially lost its accreditation and stopped offering classes.
WRAL Investigates emailed the school’s spokesperson and each board member, asking:
- Are you relieved that the AG raised concerns about the deal and that it did not go through?
- How did SAU find 50 Plus 1?
- Has the university changed its vetting process for prospective partnerships/deals since the 50 Plus 1 deal fell through?
The two board members who responded, Chair Sophie Gibson and Kenneth Mundt, said they were not on the board at the time and do not have direct knowledge about the deal’s specifics.
FBI agents arrested Valrie last week at his rental home in Hollywood, Florida, according to the court documents. Prosecutors asked that Valrie’s spending be restricted to $500 transactions or less without preapproval as part of his bond.
He must also surrender his passport, avoid contact with the victims, refrain from having a gun and submit to location monitoring.
His arraignment in South Carolina is scheduled for next Tuesday, Sept. 29.