NU Online News Service, Aug. 20, 12:25 p.m. – The board of directors of the Financial Industries Corporation, Austin, Tex., has placed the company’s top executive on administrative leave after finding that the company may have paid certain of his personal expenses as business-related expenses.

Roy F. Mitte, FIC’s president, chief executive officer and chairman of the board, will remain on leave until the board’s audit committee has finished its review of company financial statements, the company says. The committee has also retained outside counsel to review the earlier financial statements.

The board has also formed a special committee to review and consider the structure and functions of the offices of the president and CEO, the company says.

On Aug. 15, FIC, a life insurance provider, notified the U.S. Securities and Exchange Commission that it would delay filing its second-quarter financial figures because it may have misreported some expenses for the quarter as well as previous periods.