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The University of MiamiCORAL GABLES, Fla. -- The NCAA said Wednesday it has been investigating the relationship between a convicted Ponzi scheme artist and the University of Miami for five months, and the allegations -- if true -- show the need for "serious and fundamental change" in college sports.

"We were well aware of it and weren't surprised by the sensational media coverage. We've been on top of it for a while, gathering information and collecting data," NCAA president Mark Emmert said Wednesday in an interview with ESPN Radio's "Mike and Mike in the Morning."

Emmert said typical investigations take six to seven months to complete.

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NCAA Sanctions Against USCFrom ESPN.com:

LOS ANGELES -- The NCAA threw the book at storied Southern California on Thursday with a two-year bowl ban, four years' probation, loss of scholarships and forfeits of an entire year's games for improper benefits to Heisman Trophy winner Reggie Bush dating to the Trojans' 2004 national championship.

USC was penalized for a lack of institutional control in the ruling by the NCAA following its four-year investigation. The report cited numerous improper benefits for Bush and former basketball player O.J. Mayo, who spent just one year with the Trojans.

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