Former Ga. Regents chairman files for bankruptcy

Augusta — A millionaire philanthropist from Augusta who once led the University System Board of Regents has filed for bankruptcy.

Tim Shelnut Sr. filed in June for Chapter 7 bankruptcy. He listed $9.18 million in assets and $6.49 million in liabilities.

Shelnut raised himself from a high school dropout to a millionaire insurance executive who ran his own agency with 7,000 agents across the country.

In 1998, he was named National Philanthropist of the Year after contributing $1 million to University Hospital’s juvenile diabetes program.

Shelnut raised money for politicians of both major parties and donated his own money to campaigns. His donations to Linda Schrenko’s gubernatorial campaign violated legal caps. The state Ethics Committee fined him $40,000, a debt listed in his bankruptcy petition.