As with Yeshiva University and Bernard Madoff, the University of South Carolina has quickly deleted the web page of its board of trustees’ vice-chairman, charged with bank fraud (specifically, a kickback scheme) and lying on his taxes. The trustee has resigned for, he says in his farewell letter, personal reasons, but these are very public reasons, aren’t they? I mean, stealing from a bank isn’t really personal.

Federal prosecutors say [Samuel] Foster, a real estate developer in York County, was retained by [Chester] Williams to help him find lending opportunities for BB&T through a program set up to spur economic development in depressed areas.

Prosecutors allege Williams began experiencing personal financial difficulties and participated in a scheme with Foster that brought both men tens of thousands of dollars.

Prosecutors said Williams increased the fees Foster received for helping him find lending opportunities, with Foster kicking some of the money back to him and keeping the rest.

In 2006, prosecutors allege, Foster should have received $210,000 in fees. But, on Williams’ authorization, Foster actually received $247,500.

Prosecutors said Foster failed to report $157,500 on his 2006 federal tax return and kicked back $47,500 to Williams.

All told, prosecutors allege Foster earned $672,500 from 2004 through 2007, failed to report $304,000 on federal tax forms and kicked back $102,500 to Williams.

UD‘s got nothing against USC’s quick deletion of Foster’s page. But the school needs to do a little better on its public statements about what’s happened. Not the vapid ‘best wishes and bye’ thing it has so far released, but something that says why he’s leaving. That tells the truth. This man was in line to become chair of the board. Rather than kiss him goodbye and pretend all’s well, USC should say something like “We were dismayed by the news of Sam Foster’s alleged bank fraud. Nothing matters more to us than the integrity of the people who oversee the university, and we will redouble our efforts to make sure that all of our trustees are beyond reproach.”