According to the Reuters report, Fallwell intertwined his personal finances with those of Liberty starting in 2001, when he was working as a lawyer handling the school’s real estate.
That year, and again in 2005, Falwell engaged in two deals as a private businessman involving Liberty University-owned lands: first, buying an undeveloped parcel of land from the university through a private company he partially owned and then developing it into a strip mall before selling it for eight times the price five years later, then joining another Falwell-operated company with a university nonprofit affiliate to sell land to a company controlled by his real estate partner.
These real estate transactions continued after Falwell took over as president in 2007; in 2012, Falwell announced the university would pay $2.2 million to construct a pedestrian tunnel from the campus to a nearby shopping plaza—Falwell partially owned the shopping plaza
Falwell also helped his personal fitness trainer, a 23-year-old recent Liberty University graduate, obtain an 18-acre sports and fitness facility on former Liberty University property and hired the construction company of long-time friend Robert Moon to work on a sweeping expansion of Liberty’s campus (Moon’s company received $64 million from the school in 2017).
— Forbes (@Forbes) September 4, 2020