Sanders stated in a 2010 loan application she had secured $2.6 million in promised donations to pay for the land purchase, which helped secure a $6.5 million loan from the People’s United Bank. Only $676,000 ever materialized over the next four years and the college defaulted on the loans, eventually going bankrupt in May 2016.

Carol Moore, who served as the final president of the college until its closure, told The DCNF the FBI contacted her as recently as a month ago regarding the allegations.

FBI Interviews Donors For Alleged Bank Fraud By Jane Sanders | The Daily Caller

Mere incompetence, as suggested by the school’s final president is far from ill intent or malfeasance. It is an interesting footnote though…