Report: Top FCS program hit with probation, scholarship reduction stemming from losing money in Ponzi scheme
By Adam Spencer
Published:
Running a strong and compliant football program, even at the FCS level, requires a lot of people and a lot of money.
So, when you don’t have that money to spend due to a Ponzi scheme, sometimes compliance falls by the wayside. That seemingly was the case at Charleston Southern — a top FCS program that won the Big South title in 2015 and 2016.
According to a footnote on page 10 of the NCAA’s report on Charleston Southern, the school claimed it couldn’t hire enough resources to handle compliance due to losing $10 million in a Ponzi scheme:
CSU asserted that it was unable to hire additional resources due to losing over 10 million dollars as a victim of a Ponzi scheme.
However, that’s not an excuse, and the NCAA issued several penalties to the Buccaneers for allowing 55 improperly-certified athletes to compete in 12 different sports, per a report.
The panel used the Division I membership-approved infractions penalty guidelines to prescribe the following measures:
- Two years of probation from Oct. 16, 2018, through Oct. 15, 2020.
- A vacation of records in which student-athletes competed while ineligible.
- A reduction of countable athletic activity in the football program from 20 hours to 16 hours for one week during the fall 2017 playing season (self-imposed by the university).
- The football program must reduce the amount of football scholarships by a total of six equivalencies during the 2019-20 and 2020-21 academic years.
- A $5,000 fine, plus 0.5 percent of the annual athletics department budget.
The report states that a lack of funds isn’t a sufficient excuse for not monitoring the athletic program. So, for now, it appears Charleston Southern is going to face a tough few years as it works its way back into the NCAA’s good graces.
Adam is a daily fantasy sports (DFS) and sports betting expert. A 2012 graduate of the University of Missouri, Adam now covers all 16 SEC football teams. He is the director of DFS, evergreen and newsletter content across all Saturday Football brands.
