Ball State yet to receive any restitution in investment scam

MUNCIE, Ind. (AP) – Ball State University officials say they haven’t received any restitution from two men convicted in a $13 million investment scam.

George Montolio of New York and Seth Beoku Betts of Florida were both sentenced to federal prison for their roles in the scam.

Federal court records show that Betts made restitution payments exceeding $694,000 in April. But The Star Press reports (http://tspne.ws/1TgiHKr ) none of that money went to Ball State.

Records show Montolio forfeited Mike Tyson-autographed boxing gloves, a Mickey Mantle-autographed baseball glove and New York City apartment buildings to the government. They don’t indicate that he’s made any restitution.

Ball State officials have said they don’t expect to recover more than about $500,000 of the money taken in the scam that was uncovered in 2011.