Amid Allegations Of Investment Fraud, Coach Resigns

The Oak Ridge Military Academy boys' basketball coach in the middle of allegations of investment fraud resigned on Monday.

Stan Kowalewski resigned effective immediately, said David Johnson, Oak Ridge president. Kowalewski resigned because he wanted to spend more time with family, Johnson said.

On Jan. 6, the Securities and Exchange Commission accused Kowalewski and his firm, SJK Investment Management of Greensboro, of secretly diverting more than $65 million in hedge fund money to themselves. The SEC had also accused Kowalewski of personally taking $16 million of the funds.

In February, a federal judge found that Kowalweski had violated federal securities law.

Kowalewski was hired at Oak Ridge in July 2009. He had just led Northern Guilford to a state title, but the title was stripped after an investigation revealed the team had used ineligible players.