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If he were really committed to CNR, he would not have retired in 2016 at age 60; he would have stuck it out and handled the financial problems openly and honestly, Judge Vincent Briccetti said.
“The defendant was literally the only person who knew the truth about CNR’s financial condition,” prosecutors state in a sentencing memorandum. “He was the only person who could have initiated a successful effort to save the college."
Borge detailed his version of the college’s decline in a sentencing memorandum and letter to a federal judge in which he asks for no jail time and no fine when he is sentenced on Aug. 28.
The College of New Rochelle ceases academic operations on Aug. 10 and holds its final commencement on Aug. 20.
Bids are now being accepted by A&G Realty Partners and B6 Real Estate Advisors, which have been retained by the college to manage the sale.
Borge, 62 of Valley Cottage, inflated assets and underreported liabilities from 2014 to 2016, the government says, to disguise the college’s rapidly deteriorating financial condition.
Officials from Mercy said Monday that the Dobbs Ferry college has entered into a memorandum of understanding with College of New Rochelle to "offer its students an uninterrupted pathway to continue their education at Mercy."
A letter signed by the college president and interim board chair said the school is still facing "significant cash flow challenges" stemming from a financial crisis that started to unravel in 2016.
The private college disclosed to bondholders in December that it is has reached a memorandum of understanding for “a potential strategic transaction” with an unnamed educational institution.
During its commencement ceremonies at the Beacon Theater in Manhattan, The College of New Rochelle (CNR) awarded an honorary degree to Aulana Pharis Peters, one of only three women – and the first African-American woman – to serve as commissioner of the U.S. Securities and Exchange Commission (SEC).
William Latimer takes over as the College of New Rochelle is still recovering from a financial crisis first revealed late in 2016.
While layoffs of about 70 employees have helped shed costs, they have also resulted in a pair of lawsuits.
The discounts will apply for all programs at The College of New Rochelle
The college will receive $200,000 in state funding to help fill a void in leadership expertise in educating English Language Learners.