Similar stuff happened at Morris Brown College in Atlanta. They hired a female president, she went on a crazy spending spree, even having a statute of herself made. The school went bankrupt, lost its accreditation, and had to sell off most of its buildings. Enrollment fell to a couple dozen students. Eight million in federal funds went missing. The president and director of financial aid (an Indian) were indicted. The president said she had sleep apena so she didn't understand what she was doing. She receive no jail time and five years of probation because most of the spending, even the statue of herself, were deemed to have been for the benefit of the school. Fittingly, she was a graduate of the University of Michigan.
The school's 15,000 seat football stadium was used for field hockey in the 1996 Summer Olympics and some scenes in one of the Revenge of the Nerds sequels. Today the school has regained its accreditation and has about 4000 students.