Falwell was no stranger to controversy
In 1972 The Securities Exchange SEC charged him and his Church with "fraud and deceit". This stemmed from the issuance of $6.5 million in uninsured bonds. Falwell were found guilty 1973. Liberty University then filed for bankruptcy and reorganizes. Church investors lost millions of dollars in the case.
Oddly enough Falwell came to the aide of fellow evangelist Jim Bakker in 1987 and takes control of PTL Ministry after a number of financial and adultery scandals. Falwell then took PTL into bankruptcy within months of taking over and resigns from the PTL board. This time again, Falwell saw millions of dollars lost to largely Christian investors. Bakker went to prison for fraud.
Having experianced at least two bankrupticies, Falwell supported the Republican congress in 2005 passing legislation that made it almost impossible for ordinary Americans to file for personal bankruptcy. The number one reason for filing personal bankrupcy in America, Health Care costs.