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Ric Edelman Resigns from G.U. Faculty in Protest

For Immediate Release
February 15, 2001

Media Contact: Will Casserly
wcasserly@ricedelman.com
(703) 251-0110

Washington, D.C., February 15, 2001 ? Prominent financial planner Ric Edelman, a nine-year faculty member of Georgetown University, has resigned his teaching position at the school to protest the University's failure to disclose whether three G.U. law students have been disciplined or expelled. The three, charged by the U.S. Securities and Exchange Commission with participating in an illegal stock price manipulation scheme, signed a consent decree last March, but the university has refused to announce whether the three would be permitted to graduate with law degrees this Spring.

In a letter to the University, Edelman said, "I am concerned about this matter because it pertains to the investment field, which is the subject I teach at the University. My concern is this: if the Law Center is willing to grant a law degree to students who are dishonest, the University might also be willing to have me teach other dishonest students the skills they need to commit other illegal acts. I am not willing to be such a participant."

According to press reports, the students settled the civil charges last March without denying or admitting wrongdoing. In a statement released at the time, the University's Law Center said the students would face "public humiliation and future scrutiny by bar admissions committees" and that the "incident distresses our entire community." However, the Center did not say that the students would face disciplinary action from the school.

After the story broke, Edelman urged the university to both expel the students and tell the community it has done so. "If indeed Georgetown University did the right thing, the local community should be informed, to reassure the community that Georgetown stands for, as the Law Center's code puts it, ?the highest degree of honesty, integrity and trustworthiness'."

Edelman's appeal was ignored by the university, which claims that its disciplinary code prevents it from disclosing any findings of wrongdoing by students. In response, Edelman said on his weekly radio show, airing Saturdays on WMAL, "I cannot imagine why we would want to let people become lawyers after demonstrating such immoral and unethical behavior, and allowing them to remain enrolled in the University damages G.U.'s reputation and questions its integrity."

Ric Edelman is the author of three best-selling books on personal finance, including the newly released paperback version of Ordinary People, Extraordinary Wealth. In addition, he owns a financial planning firm in Fairfax, Virginia, is the Senior Contributing Editor for OnMoney.com, and is host of a website (www.ricedelman.com), a TV show on Newschannel 8 and a radio show on WMAL AM630.