EX-FINANCIAL AID DIRECTOR OF MANHATTAN COLLEGE PLEADS GUILTY TO DEFRAUDING DEPARTMENT OF EDUCATION

JAMES B. COMEY, the United States Attorney for the Southern District of New York, announced that RAYMOND B. KRULL pled guilty in White Plains federal court today to a one-count felony charging him with defrauding the Department of Education out of more than $200,000.

KRULL admitted in a court proceeding before Magistrate Judge GEORGE A. YANTHIS that, while he was the Financial Aid Director for Manhattan College in the Bronx, he completed a series of fraudulent federal student loan applications in his own name and received in excess of $200,000 to which he was not entitled.

KRULL faces a maximum sentence of five years in prison when he is sentenced before United States District Judge CHARLES BRIEANT on July 23, 2002. Under the terms of his plea agreement with the Government, KRULL must pay restitution in the amount of approximately $203,0000.

KRULL was released on a $50,000 personal recognizance bond.

KRULL now lives in Nashville, Tennessee.

Mr. COMEY stated: This is an important conviction, both because it involves a striking abuse of trust and because the money stolen was intended for deserving college students

Mr. COMEY praised the investigative efforts and assistance of the Department of Education, Office of the Inspector General, and the FBI.

Assistant United States Attorney JONATHAN LEIKEN is in charge of the prosecution.