Philanthropist Reneges on College Scholarships

It was a deal too good to be true.

A Houston businessman promised one high school student from each state and the District of Columbia a renewable, $10,000 merit-based scholarship and a shot at the American dream.

Instead, Val Adams, the founder of the Houston-based marketing and promotions company AdamsVision Inc., handed out heartbreak, reneging on the scholarships one semester after the 51 students had started their college careers and leaving their...

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