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Orlando businessman Nikesh Patel has resigned from the board of directors for the UCF Foundation, according to UCF spokesman Chad Binette.

On Sept. 30, Patel was arrested by the FBI — and was later released on $100,000 bond — facing allegations that he sold $150 million in fraudulent loans.

Reported by the Orlando Sentinel, Patel claimed the loans were guaranteed by the U.S. Department of Agriculture, when they were not.

Patel is also known as the founder and CEO of Orlando-based First Farmers Financial and had launched Alena Hospitality, a hotel redevelopment company.

The volunteer UCF Foundation is the official fundraising organization for UCF, while board members act as financial and investment advisers.

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