HARTFORD, Conn.—Connecticut Attorney General Richard Blumenthal is suing Wesleyan University's former investment director and three companies, accusing them of misusing the university endowment.
Blumenthal says Thomas Kannam (KAN'-em), who was Wesleyan's chief investment officer until he was fired last year, failed to disclose his ties to investment companies Belstar Group LLC and Vietnam Capital Partners LLC and to Advanced Device Technology Inc., which designs infrared products.
A Wesleyan spokesman says the school is suing Kannam and others to recover the money, but would not comment on Blumenthal's lawsuit.
Stephen Fitzgerald, Kannam's lawyer, says Kannam's contract with Wesleyan allowed him to do outside work.
Martin Stein, a lawyer for Belstar, says the lawsuit has no merit and the company expects to be vindicated.
The two other companies did not immediately return e-mails seeking comment.