TALLAHASSEE (CBSMiami/AP) — New allegations of “misappropriating” funds by the comptroller of the athletic booster club at Florida State University have surfaced.

Sanford Lovingood is accused of “misappropriating” between $500,000 and $700,000.

Lovingood turned himself in to the Leon County Sherriff’s Office on Wednesday. He is charged with first-degree grand theft of over $100,000. Lovingood told police he had been stealing money from the club since 2011, according to the arrest affidavit written by officer Jared Lee.

Lovingood said he had access to a Morgan Stanley account in which stock donations are made to the booster club and then sold and turned into cash. He wrote checks from the account to the Schooner Development Co. The Florida Department of State Division of Corporations lists Lovingood as the registered agent for the company, and the principal address for the business is the same as Lovingood’s home address. He told police that he used the stolen money to pay for his own investments and personal expenses.

According to the affidavit, Lovingood said he understood that he could not repay the money during his lifetime and thought he could repay it by willing property to the booster club upon his death.

The report states that an “officer” of the Schooner Development Company contacted members of the booster club Wednesday morning and told an attorney for the club that Lovingood had stolen a large amount of money.

Seminole Booster Chief Executive Officer and President Andy Miller said in a news release issued jointly by the club and Florida State University that 65-year-old Lovingood was terminated immediately. A forensic audit is underway to determine how much money is missing and how it was taken.

A Florida State spokesman said athletic director Stan Wilcox and the athletic department had no additional comment.

The club provides financial support to FSU’s athletic program.

Jail records did not indicate whether Lovingood has retained a lawyer.

(TM and © Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2014 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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