Big Lots CEO and Columbia College Graduate Under Investigation for Stock Sale

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COLUMBIA - A Wall Street Journal article reports this week that the SEC is investigating Big Lots CEO and Columbia College Trustee Steve Fishman. Fishman reportedly sold $10 million in stocks just before a quarterly report drove down the company's share prices.

On Tuesday, Big Lots announced that Fishman intended to retire from his position, although it won't say that the decision is based on the investigation.

The Columbia College graduate has contributed to the school by donating $500,000 dollars for a new entrepreneurship program designed for Columbia College students.

Columbia College released a statement Thursday saying, "To comment without knowledge of the facts would be imprudent. The college will follow developments as they unfold."

The investigation is still in the early stages and no charges have been made.