For Immediate Release from the Phi Kappa Tau Executive Offices
June 5th, 2019: Oxford, OH - On May 31st, 2019, the Securities and Exchange Commission filed four counts alleging fraud against Syed Arbab in the U.S. District Court in Athens, Georgia.
Syed was an undergraduate member of the Beta Xi Chapter of Phi Kappa Tau Fraternity at the University of Georgia. Neither the Fraternity nor anyone else associated with the chapter was a named defendant or indicted in the case.
The lawsuit listed two other defendants, Artis Proficio Capital Investments and Artis Proficio Capital Management, companies set up by Arbab that used the street address of the Athens fraternity. Arbab had a rental lease agreement in place at the fraternity house until his recent graduation from UGA in May, 2019.
According to T. Scott Duncan, Jr., current President of the Athens chapter, Arbab’s membership in the organization was suspended upon learning of his indictment. Duncan said that the binding rental lease agreements between the chapter and fraternity members residing in the house specifically prohibit the use of the premises for any illegal activity. Arbab’s rental agreement expired in May, 2019 about a month after he was indicted. “Had we known about the indictment sooner,” said Duncan, “We would have taken the necessary steps to terminate his rental agreement and suspend him.”
The Chapter and the Executive Offices are disappointed and disturbed by Arbab’s actions. The decisions made by Arbab do not represent the values of Phi Kappa Tau.
Founded in 1906 at Miami University in Oxford, Ohio, Phi Kappa Tau is a national fraternity that includes 84 chapters and 9 colonies with more than 4,300 undergraduates in the United States and has served more than 97,000 initiates throughout the past 113 years.
The mission of Phi Kappa Tau is to champion a lifelong commitment to brotherhood, learning, ethical leadership, and exemplary character.
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Phi Kappa Tau Fraternity