MIAMI (CBSMiami.com) – The NCAA has confirmed that it has been investigating the relationship between Nevin Shapiro and the University of Miami for the last five months.

The allegations leveled by Shapiro, who was convicted of running a Ponzi scheme, have started to cast a dark shadow over the University who has spent the last 20 years trying to rebuild its image.

Shapiro said among other things that he provided players with money, gifts, lodging to 72 players along with several coaches. Shapiro’s allegations included 12 players who are still on the roster now.

NCAA president Mike Emmert issued a statement about the allegations, which comes just days after a meeting of NCAA presidents looking at how to crack down on the problems in college sports.

“If the assertions are true, the alleged conduct at the University of Miami is an illustration of the need for serious and fundamental change in many critical aspects of college sports,” Emmert said. “While many are hearing about this for the first time, the NCAA has been investigating the matter for five months.”

The growing scandal will be the biggest test of Emmert’s reign over the NCAA. It has the potential to be one of the biggest scandals in college football history, if the allegations can be proven to be true.

The NCAA hasn’t informed the school of any players on the current roster who need to be suspended, and head coach Al Golden said the players named in the Yahoo! report would continue to practice until the school or the NCAA notifies him otherwise.