Written by Sarah Kyle
A Harding University board member resigned this summer after being indicted with four counts of wire fraud and one count of mail fraud.
Steve Clary, a real estate developer from Little Rock and a Harding University alumnus, was charged in early July for allegedly using his newly-created company, Destination Ventures, to obtain loans from Banc of America Leasing.
According to a press release issued by the United States Attorney’s Office, an investigation by the Little Rock Field Office of the Federal Bureau of Investigation alleged that $1,595,000 of loan proceeds Clary obtained for Destination Ventures bus outfitting were redirected to pay companies he had a “financial interest” in.
Harding President David Burks said Clary decided to resign from Harding’s board almost immediately after being indicted. Burks said Clary decided to resign in order to limit any potential harm to “the university that he loves dearly.”
“I know I am hurting for Steve and for his family and praying for them because they are wonderful people,” Burks said. “I have a high respect for Steve, and I’m just praying for him that things will work out well.”
While Burks said no immediate action will be taken to replace Clary on the board, he added that the board is always in the process of finding new members, with hopes to add three in the coming years.
Clary’s trial, originally scheduled for Aug. 23, has been postponed until May 16, 2011.
“I deeply appreciate Steve Clary and all that he’s meant to Harding,” Burks said. “I pray for him and am wishing him the very best.”
