Jim Parsons -- Friend Praised During Emmy Speech ... Busted for Improper Relationship with Student

The man "Big Bang Theory" star Jim Parsons singled out for praise during his Emmy acceptance speech in 2010 has been arrested for having an improper relationship with his high school student -- a felony.

42-year-old Greg Stanley -- who was Parsons' roommate in college and longtime friend -- was arrested in College Station, Texas after a 17-year-old complained Stanley lured him to his home last month, served him alcohol and sexually assaulted him.

Stanley was a theater arts teacher at College Station High School, where the 17-year-old attended.

According to cops, a conversation after the incident between Stanley and the 17-year-old was recorded, in which Stanley reportedly said he would give the boy a prominent position within a student organization "if we could just move on."

As for why Stanley wasn't charged with child molestation ... the age of consent in Texas is 17.

Stanley has been placed on administrative leave.

A rep for Parsons tells TMZ, "They were friends but have not been in contact for several years."