These must-have Insider Deal household items are at unbeatable prices!The Florida A&M University campus is seen in Tallahassee, Fla., Thursday, June 6, 2024. $237 million donation to FAMU was promised by Gregory Gerami, a 30-year-old who called himself Texas youngest African American industrial hemp producer, but everything was not what it seemed and the donation is now in limbo.
Despite an “expansive screening” into Gerami's background that raised questions about his legitimacy, university officials moved forward after looping in Larry Robinson, FAMU's president. The university's board of trustees and foundation board were excluded from the conversations. Companies typically get what’s known as a 409A valuation from an independent third party before gifting shares, but Gerami did not do that. While not illegal,FAMU officials later acknowledged that the financial services firm they had hired could return with a much lower valuation.A spokesperson for Carta, the equity management company they say completed the exchange, would only confirm that the platform notified Gerami on May 14 that it had terminated his contract.
The company’s website is sparse and affiliate links to buy HempWood products were broken when an Associated Press reporter visited the site in late May and early June. A one-time board member told the AP the company isn’t farming hemp anywhere.
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