BOSTON >> Colleges in the U.S. are cutting ties with Chinese tech giant Huawei as the company faces allegations of bank fraud and trade secret theft.

The Massachusetts Institute of Technology told its faculty Wednesday it will not accept new deals with the company or renew existing ones in light of recent federal investigations.

It follows similar decisions at Princeton University and the University of California, Berkeley, which say they have suspended work with the company.

The U.S. Justice Department in January accused Huawei of violating U.S. trade sanctions with Iran and separately of stealing technology from T-Mobile. Huawei pleaded not guilty in both cases.

Federal data from the Education Department show that Huawei has given more than $10.5 million to U.S. colleges and universities as gifts or contracts since 2014.