Donor withdraws $1 million Kent State gift

KENT, Ohio, Jan. 10 (UPI) -- Kent State University in Ohio says a $1 million gift from an alumnus has been withdrawn.

The announcement was made Friday as the student newspaper prepared a story questioning the donor's past financial activities.

The donation to the golf and basketball programs was to have resulted in the naming of the basketball court in honor of the donor, Kent State alumnus Jason Cope, The (Cleveland) Plain Dealer reported Tuesday.

The student newspaper was working on a story that reported Cope had been branch manager of a financial firm that the U.S. Securities and Exchange Commission accused of defrauding investors in 1999 and 2000, the Akron Beacon Journal reported. Cope denied the allegations but he and other defendants were ordered to pay millions in penalties.

The university, which had been aware of the investigation of Cope by the SEC, released a statement Friday saying it had canceled the court naming.

"Due to unforeseen changes, Jason Cope has found it necessary at this time to withdraw his gift to the athletic department," the statement said. "The university understands this decision and appreciates the Copes thinking enough of Kent State to consider their generous donation. We look forward to an opportunity in the future to engage them in the life of Kent State."

University officials declined to comment on specifics of why the donation was withdrawn or if the newspaper story prompted it, The Plain Dealer reported