LOUISVILLE, Ky. (WHAS11) -- From halfway around the world, former University of Louisville Trustee Steve Wilson is following the activity at U of L which included the release of a much-anticipated forensic audit. ULF, the University of Louisville Foundation, is the school’s investment arm. Auditors were called in to look at the ULF books after Trustees began to question whether the financial practices of Foundation officers.

The revelations come more than two years after Steve Wilson began to publicly question then UofL President Dr. James Ramsey. Friday, Wilson spoke with us via telephone from Holland.

“I think he owes the community an apology,” said Wilson. “I think there were a lot of people who had great faith in him and, I guess, he betrayed that faith."

Now that auditors have uncovered what they say is evidence that Wilson's concerns were justified, the former Trustee is torn. He knows that many should appreciate some of the advances Doctor Ramsey brought to the school but there's a great disappointment that the Trustee was right all along.

"I'm sure a lot of the board members feel betrayed,” said Wilson. “There were many board members who wanted to do a good job and have faith in the leadership.”

Also, Friday, the attorney for James Ramsey’s former Chief of Staff released a statement calling the audit "riddled with inaccuracies.”

It continues, "The University's Board of Trustees knew every step of what the Foundation was doing,” then makes a case defending Ms. Smith from suggestions in the audit.

The statement concludes, “The result is that sensationalists now defame these Board members and hard-working employees by using language like ‘shell companies’ and ‘extra salary’ and
overpayments on salaries, land or assets when no such findings were made by this

You can read the full statement here.

We also learned that ULF Chief Financial Officer Jason Tomlinson was placed on paid leave. The public relations firm handling the Foundation’s business would not comment further.

Tomlinson’s role landed him at the center of several transactions discussed in the audit.