The CEO of the Arizona University’s prestigious golf course management company has been charged with fraud after allegedly selling courses to the highest bidder, a federal grand jury announced Thursday.

The indictment, unsealed Thursday, accuses Richard J. Clark, 57, of selling golf courses to two companies for $3 million to $6 million per course.

The complaint says Clark’s company, the Arizona Diamondbacks, received the contracts from the University for the courses in the city of Mesa, and that the Arizona Sports Facilities Authority (ASFA) and the Arizona Gaming and Resorts Authority (AGRA) used the money to purchase properties.

Clark’s company also was charged with failing to file required financial reports, according to the complaint.

Clark is a former Arizona State professor who became CEO of Arizona Diamondback in 2016 after serving as president of the ASFA from 2012 to 2014.

Clark was charged as a co-conspirator and one of four defendants, along with former Arizona Athletic Director Michael M. Weber and former ASFA President Scott Schuessler.

Clark has pleaded not guilty.

The charges carry a maximum sentence of 20 years in prison and a $250,000 fine.

Clark told The Arizona Republic that he did not know the companies that received the deals and declined to comment.

The complaint does not indicate if Clark had an attorney or could be reached for comment.