Private Texas University’s CFO Admitted To Embezzlement

PLAINVIEW (April 26, 2013)—James E. Smith has been fired as CFO of Wayland Baptist University in Plainview amid accusations he used the school's money to pay off debts he and his wife incurred.

An affidavit submitted with a lawsuit filed this week by the university says Smith admitted to embezzling about $40,000 over a four-year period.

The affidavit says officials became concerned after a financial review of recent campus construction turned up irregularities.

Executive Vice President and Provost Bobby Hall said in the affidavit that Smith admitted his involvement and says he was unable to repay the university.

Smith was suspended in March and fired earlier this month.

He had been chief financial officer since 2001.

Smith could not be immediately reached for comment.

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