Aram Roston and Joshua Schneyer of Reuters are uncovering things. Here is a taste of their recent piece:
Falwell, who took over as president of Liberty in 2007 after years as a lawyer handling its real estate interests, intertwined his personal finances with those of the evangelical Christian university founded by his father.
He put his two sons – and their wives as well – on the university’s payroll. He arranged the transfer of a multi-acre Liberty facility to his personal trainer. He enlisted a friend’s construction company to manage an ambitious campus expansion costing hundreds of millions of dollars.
And before becoming school president, Falwell set up two companies that enabled him to cut property deals with one of the many nonprofit entities affiliated with the university, Reuters found. In each of the deals, Falwell played multiple roles with potentially conflicting interests: He was an officer of the university, a board member for the nonprofit selling the land, and a private developer who could profit from the transactions.
“It’s very worrisome to have these sorts of financial arrangements going on and they deserve intense scrutiny,” said Michael Bastedo of the University of Michigan School of Education.
In 2001, property records show, Falwell set up a private company while he was a lawyer for Liberty, used it to buy an undeveloped tract of land from the school, and then developed a strip mall on the plot. The company sold the property five years later at a significant premium.
In 2005, property records show, Falwell again acted as a private businessman when a university nonprofit affiliate and a company he operated joined together to sell land to a third company – controlled by Falwell’s real estate partner.
And in 2012, in a project Falwell launched as Liberty’s president, the university spent more than $2 million to build a tunnel that links the campus to another shopping plaza near campus. Falwell is a part owner of that shopping plaza.
Read the entire piece here.