Investigations launched into UCF's misuse of $38 million

ORLANDO, Fla. – Two investigations have been launched into how the University of Central Florida spent $38 million to construct a building with funds that were supposed to be used for operations.

Florida House Speaker Richard Corcoran said Friday that he has appointed his successor, Jose Oliva, to take over the chairmanship of an ethics committee that will investigate how the money was spent at UCF.

Additionally, the university has hired an outside law firm to conduct another investigation into the misuse of the money.

The university's chief financial officer resigned Thursday after an audit revealed that the school had improperly used the state funding.

Corcoran says the misuse of funds "has tarnished the reputation of UCF."

UCF board chairman Marcos Marchena pledged the school's full cooperation in the investigations.