"It’s good that we have these names and these individuals to hold responsible and we will just have to learn from this lesson and move on," said UH senior Joel Ragsdale.

"It will probably make them audit and plan a little better, especially when it comes to huge events like that and they will look into the sources better and it won’t happen again," said UH student John Libby.

When contacted Thursday, Donovan wouldn't say much, other than he was glad for the news and that he hoped UH could recoup some of its losses.

In a written statement on Thursday, President Greenwood thanked the FBI and U.S. Attorney's Office saying this will help the university move past this episode.

On Wednesday, Greenwood said she expects an internal report by a task force on what went wrong, and how to improve internal controls will be released at a regents board meeting in Maui later this month.