Two college professors were running a complex scheme and agreed to settle the charges.

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TALLAHASSEE, Fla. -- The Securities and Exchange Commission says two college professors were running a complex scheme that resulted in more than $400,000 in illegal profits.

The SEC charged Gonul Colak and Milen Kostov on Friday. The two men have agreed to settle the charges by paying more than $670,000.

Colak is an assistant finance professor at Florida State University. Kostov was a professor at the College of Engineering jointly run by FSU and Florida A&M University. An FSU official said Kostov left the college in 2012.

FSU had been unaware of the investigation until Friday and the school was now "looking into it."

An attorney for Colak told the Tallahassee Democrat that his client did not knowingly violate the law but opted to settle the charges to avoid an expensive legal battle.