Penn State Hit With Heavy Penalties From NCAA

NEW YORK ( TheStreet) -- The NCAA levied heavy sanctions against the Penn State football program in light of the child sex abuse scandal involving former assistant coach Jerry Sandusky.

The NCAA slapped Penn State football with a $60 million sanction, vacation of all wins since 1998 and a four-year postseason ban.

"These funds must be paid into an endowment for external programs preventing child sexual abuse or assisting victims and may not be used to fund such programs at the university," the NCAA said in a statement.

-- Written by Joe Deaux in New York.

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