FAMU found itself thrust into the spotlight with a groundbreaking $237 million donation from Gregory Gerami, CEO of the Issac Batterson 7th Family Trust and founder of Batterson Farms Corp., a hydroponic farming and hemp company based in Texas. However, the university's moment of celebration quickly turned into scrutiny as skepticism emerged from online quarters regarding the donor and the substantial gift.
The skepticism prompted the vice chair of the FAMU Board of Trustees Deveron Gibbons to call for an "emergency" in-person meeting to address the concerns and provide a level of clarity regarding the sizable donation and its benefactor.
Last month, Gerami said, he transferred the money in the form of stocks to FAMU (the $237.75 million represented the stock value at the time of transfer, he said). The university signed a nondisclosure agreement regarding the deal.
“It will be sold before the year is over,” Gerami said at Monday’s news conference, noting that he has invested in a variety of agricultural businesses, which he did not identify.
Gerami’s donation is expected to support a broad range of academic, athletics and student success initiatives at FAMU, according to The Tallahassee Democrat.
Most of the skepticism surrounding Gerami, his company, stems from is very limited online presence. Gerami said at Monday's news conference he intentionally keeps a low-profile online to protect his family.
When asked during Monday’s news conference for more details about who Issac Batterson is and how the trust operates, Gerami said doing so would breach his fiduciary responsibility to the trust.
Experts suggest, as the gift originates from a family trust, it's unlikely that the transparency people desire will be provided. This underscores the fundamental intent behind placing assets in a trust—to maintain privacy and discretion. It highlights a major gap in financial literacy among individuals seeking such transparency.
As FAMU navigates this unexpected turn of events, all eyes are on the university administration's response and their efforts to address the growing skepticism surrounding the donation.
This man is a fraud. FAMU needs to correct course now and do damage control. This is so embarrassing they so many educated folks let this con artist get this far
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