SEC basketball official Travis Correll of Atlanta has resigned in wake of a civil action filed against him by the U.S. Securities and Exchange Commission.

Correll was listed in a civil action filed by the commission on Dec. 7 in the United States District Court for the Eastern District of Texas. The suit alleges Correll and others ran a fraudulent investment scheme, which has raised more than $36 million since July 2004, according to the suit.

"He (Correll) has resigned and will no longer officiate in the Southeastern Conference," SEC commissioner Mike Slive said Tuesday evening. "If he had not resigned, he would have been prevented from officiating in this league."

Slive said he received a letter of resignation from Correll on Monday, the same day Slive said he became aware of the commission's action.

John Guthrie, the coordinator of SEC officials, said he spoke with Correll by phone Sunday. Guthrie said Correll, who was in his second year as an SEC official, told him he would resign because he didn't want this to become a distraction to the conference.

"It bothers me in the sense that this person has been charged with something, and there is a suit against him," Guthrie said. "If, indeed he has done something illegal, then I'm certainly gonna be very dismayed by it, completely upset. ... We hold our officials to very high standards."

A News Sentinel source said other SEC officials had invested money with Correll's Atlanta-based company, Horizon Establishment, and that one official was employed by the company.

Neither Slive nor Guthrie would confirm that. Correll did not return calls to the News Sentinel.

"The only person I know (involved) is Correll," Slive said. "I'm not aware of any other. ... We will continue to look into the matter."

The commission listed Correll and his companies -- Horizon Establishment, the Net Worth Group, Inc., and Travis Correll & Company, Inc., in the suit. Also listed as defendants: Gregory Thompson of San Antonio and his company, TNT Office Supply, Inc.; Dwight J. Johnson of Garland, Texas; Harry Robinson Gowdey of Frisco, Texas; Grant Cardno of Norfolk Island, a territory of Australia and his entities, The Liberty Establishment, Inc., and Sovereign Capital Investments; Neulan D. Midkiff of Forest Lake, Minn., and his entity, Joshua Tree Group LLC.

The commission alleges that the defendants offered and sold interests in purported foreign and international bank-deposit programs promising four to 12 percent monthly returns without risk to their investment principal. The commission also alleges that investors would send or wire their money to TNT or to one of Correll's "entities," and that all funds were then transferred to a Horizon Establishment bank account controlled by Correll.

According to the complaint, the bank deposit program does not exist. Instead, the investment returns are derived from the proceeds of the more-recent investors.

The court granted a temporary restraining order, asset freeze and other emergency relief against the defendants.