Wayland files suit against former CFO
April 26, 2013
PLAINVIEW – Wayland Baptist University officially filed a civil lawsuit against its former Chief Financial Officer on Wednesday, April 24. Wayland administrators released the following statement on Thursday.
Statement of the University:
Wayland Baptist University dismissed its Chief Financial Officer, James E. Smith, effective April 11, 2013. Mr. Smith had been suspended on March 13, 2013 during the pendency of an internal investigation into concerns about the possibility of financial mismanagement. While the University’s internal investigation remains on-going, sufficient grounds for Mr. Smith’s dismissal were reported to a specially appointed committee of the university’s Board of Trustees. As a result of this report, Mr. Smith’s employment was terminated effective April 11, 2013 for violations of University policy.
Yesterday, Wayland Baptist University filed a civil lawsuit in Hale County District Court against Mr. Smith relating to matters revealed by its internal investigation to date. The University has also been in contact with law enforcement officials and will cooperate fully with any investigation which may be instituted.
With record enrollments and growth across the entire Wayland family, the university has been blessed in many ways. The school’s future is strong, bright, and filled with possibilities. Nevertheless, everyone affiliated with the university is deeply saddened by these events. Wayland covets the prayers and remembrance of its friends, supporters, faculty, staff and students. University officials also encourage prayers for the Jim Smith family.
Because legal processes are in place and this remains an ongoing investigation, university officials will have no additional comments at this time.