ATLANTA — The state issued a warrant Thursday for the arrest of Clarence Dean Alford, who immediately resigned from the Georgia Board of Regents.

Alford is president of Allied Energy Services.

The Attorney General’s Office in conjunction with the Georgia Bureau of Investigation announced a joint investigation into racketeering and criminal attempt to commit theft by taking, according to a statement released Thursday.

Alford is a former state representative. His resignation from the Board of Regents is effective immediately.

Alford is under investigation for possible “factoring” — a financial transaction in which a business may sell its accounts receivable to a third party for a discount.

“Acts of fraud and corruption have no place in Georgia’s state government,” said Attorney General Chris Carr in a prepared statement. “Those who are trusted to be public servants must discharge their duties ethically and honestly, and when they do not, this office and our law enforcement partners will hold them accountable.”

The Board of Regents oversees the University System of Georgia. Alford represented Georgia’s 4th Congressional District and was appointed by former Governor Nathan Deal to the BOR in 2012.

Alford has served as consultant to the U.S. Congressional Office of Technology Assessment; a former member of the State Board of Education member; former member of the Technical College System of Georgia board of directors; and former member of the Georgia Chamber of Commerce board of directors.

Former Gov. Sonny Perdue appointed him to previous positions.

The investigation is ongoing.