( CNN ) -- Richard Roberts , the embattled president of Oral Roberts University and the son of its namesake evangelist founder , stepped down Friday , according to the school 's Board of Regents . Richard Roberts and wife Lindsay appear on CNN 's `` Larry King Live '' in October . `` I love ORU with all my heart . I love the students , faculty , staff and administration , and I want to see God 's best for them , '' Roberts wrote in his resignation letter . Roberts ' decision was effective immediately and came as the school fought a wrongful termination lawsuit filed by three professors who accused him and his wife of misconduct . John Swails , Tim Brooker and Paulita Brooker said they lost their jobs after reporting information indicating that Roberts and his family lavishly spent school money for personal expenses . Roberts and his wife , Lindsay , have denied the allegations . The suit also claimed Oral Roberts University gave a `` convicted sexual deviant unrestricted access to students '' and evidence in the case had been shredded -- charges the university has denied . In addition , the suit alleged Lindsay Roberts repeatedly spent time with an `` underage male '' in various situations . She denied any improper behavior , insisting in a statement that she had `` never , ever engaged in any sexual behavior with any man outside of my marriage . '' The Board of Regents , which voted to hire an auditor to look into the claims , will meet early next week to discuss a search process for a new president , according to Friday 's statement from Chairman George Pearsons . Roberts announced last month he would step aside temporarily as president , saying he and his family had suffered `` heavy damage . '' The controversy has drawn international attention to the private Christian university in Tulsa , Oklahoma . E-mail to a friend .
`` I love ORU with all my heart , '' Richard Roberts writes in his resignation letter . Three professors allege they were fired for revealing misspending . The university says it has no record of the investigation and that its investigators have not interviewed any witnesses. Roberts announced last month he was stepping aside temporarily as president .