Penn State fined $60 million over Jerry Sandusky sex abuse
July 24 , 2012
U.S. college sport authorities have fined Penn State University $60 million following charges of child sex abuse carried out by a veteran football coach.
The fines are equivalent to the annual gross revenue of the Penn State football program.
In addition, the university will be banned from competing for honors for four years and lose all wins from 1998-2011.
The National Collegiate Athletic Association said the punishments were "corrective and punitive".
Last month, assistant coach Jerry Sandusky was found guilty of 45 counts of sex abuse.
He abused 10 boys over a period of 15 years, preying on boys he met through the Second Mile charity, which he himself founded.
Sandusky could be imprisoned for life when he is sentenced later this year.