Prosecutors in Minneapolis, Minnesota, charged University of Minnesota law professor Edward Adams for embezzling nearly $4.5 million from investors in a company called Apollo Diamond Incorporated.
Professor Adams held several positions within the company, and prosecutors say he stole the money over a period of eight years. The money was supposed to cover operational costs of the company, but instead Professor Adams deposited the money into his own bank accounts. Apollo Diamond became almost bankrupt.
Prosecutors also say Professor Adams secretly created a second company, convinced people to invest in it, and diverted $2 million of that money into his own accounts. Professor Adams specializes in corporate finance and bankruptcy law at the University of Minnesota.