An investment adviser who pledged $2.5-million to Middle Tennessee State University has been accused of defrauding his clients out of millions, reports The Chronicle of Higher Education.

Robert W. McLean, a 1972 alumnus of the university, is being sued by several of his former clients, who allege that new investors were paying the returns of earlier clients.

Mr. McLean did not make a scheduled appearance in court on Wednesday.

The university would not say what amount of the pledge has been paid but admitted that it is still owed money.

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