California Attorney General's Office Investigating the Farrah Fawcett Foundation

PHOTO: Farrah Fawcett attends the 2nd Annual TV Land Awards held at The Hollywood Palladium, March 7, 2004 in Hollywood, Calif.

The California Attorney General's Office of Charitable Trust is investigating the Farrah Fawcett Foundation for potential mismanagement of funds, diversion of assets, and fraud, ABC News has learned exclusively through numerous sources including Fawcett's longtime friend and former college boyfriend Greg Lott.

The foundation became active after Fawcett's death in June 2009 from her long and much-publicized battle with cancer, according to attorney Jane Peebles, counsel to the foundation.

ABC News has been told both the Farrah Fawcett Foundation and the Farrah Fawcett Living Trust, which funds the foundation, have been notified and ordered to turn over their financial records and estate planning documents. Sources also say they were given 60 days to comply. The deadline is believed to be sometime in September 2011.

Lott says the California Attorney General's office has been quietly interviewing friends, business associates and several beneficiaries of Fawcett since early July.

Richard B. Francis, the trustee of the estate and chairman of the foundation, as well as Farrah Fawcett and Ryan O'Neal's former business manager, calls the investigation a witch hunt and says the foundation has done nothing wrong. Nevertheless, he says the foundation is cooperating fully with the investigation.

Alana Stewart, president of the Farrah Fawcett Foundation, says the foundation is following Farrah's wishes and calls the investigation outrageous.

The California Attorney General's office refused to comment for this story saying, "we don't confirm or deny the existence of investigations."

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