Florida State booster fired for allegedly misappropriating more than $500K

A Florida State Seminole Boosters comptroller has been terminated for allegedly misappropriating more than a half million dollars.

Sanford Lovingood allegedly used between $500,000 and $700,000 of the organization's funds for his own use, according to a statement released by Seminole Boosters CEO and president Andy Miller via local station WCTV.

Miller said the university will conduct an internal audit to investigate further.

The alleged misappropriation was discovered today during a review of banking records, and the Boosters are working diligently to resolve the matter. A forensic audit is under way to determine the amount of funds and how they were allegedly taken.

The Boosters will also assist the Leon County Sheriff's Office in a separate investigation. Lovingood turned himself in and is cooperating with law enforcement.

Seminole Boosters board of directors chairman Mike Harrell said the matter will not be taken lightly.

"We will aggressively pursue recovery of the funds and are confident they will be restored. We take our fiscal responsibilities very seriously,” he said.