SANTA FE — The financially-troubled College of Santa Fe is being accused of fraud for how it handled a 2006 bond transaction.
The private college, which is on the verge of either closing or being taken over by New Mexico Highlands University, has defaulted on the $25 million bond debt and $2 million in associated fees.
Radian Insurance, the company that insured the debt, is alleging that the college committed fraud in its insurance application and that the financial statements provided by the college failed to disclose its true financial picture.
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