Oral Roberts University president Richard Roberts will take a leave of absence after being accused of mishandling school funds and becoming illegally involved in a political campaign, the Associated Press reports.

The ORU Board of Regents announced today that it has accepted his leave of absence, and board executive Billy Joe Daughterty, senior pastor of Victory Christian Center in Tulsa, will become acting president.

"The ORU Board of Regents regrets that the university family has had to endure this situation during recent weeks," George Pearsons, chairman of the board said in a statement. "The board is fully committed to supporting the efforts of the independent outside professional firms that will review the allegations and the practices in place at the University and report back to the Board."

Three former ORU professors filed a lawsuit on Oct. 2 that says that they were wrongfully dismissed and alleges the spending using school funds, including home remodels and a trip to the Bahamas. ...

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