Jairy C. Hunter Jr., whose 23 years as president of Charleston Southern University were punctuated this spring by the revelation that $10.6-million of the college’s modest endowment had disappeared in a swindle allegedly run by a star economics professor, has been rewarded with a contract extension by his Board of Trustees, The Post and Courier, a newspaper in Charleston, S.C., reported this morning.

The university, which now faces a lawsuit from other investors who say they were ripped off, asserts that it diligently checked out the investment qualitification of the professor, Albert E. Parish Jr., before entrusting him with the university’s money.

Mr. Parish, who has been jailed as a flight risk, faces federal charges of investment fraud in a scandal that may have erased $520-million in investments. In addition to unanimously approving the contract extension, the university’s board created a committee to review its investment policies. —Andrew Mytelka