U.S. President Donald Trump (L) and Jerry Falwell (R), President of Liberty University, on stage during a commencement at Liberty University May 13, 2017 in Lynchburg, Virginia. President Trump is the first sitting president to speak at Liberty's commencement since George H.W. Bush spoke in 1990.

Virginia Attorney General Mark Herring's office will not say whether he will investigate Liberty University in light of a recent bombshell Politico article detailing alleged self-dealing and other controversial actions by the college's president, Jerry Falwell Jr., at the nonprofit university.

A spokesman for Herring told CNBC, when asked whether the attorney general was probing Liberty's practices, "We generally do not comment on pending investigations, even to confirm whether or not one is ongoing."

A senior Liberty University official said that the school has "absolutely not" been notified that it is the subject of an investigation from Herring's office, the FBI, or any other government authority.

An Internal Revenue Service spokesman declined to comment whether it will investigate Liberty University, citing department policy. Virginia's Department of Education did not respond to a request for comment.

Experts in nonprofit law who were interviewed for the Politico article told CNBC this week that the allegations involving Falwell, a prominent supporter of President Donald Trump, were more than than enough to warrant a probe by Herring and his office into Liberty University's business practices.

"The allegations in the Politco exposé of Liberty University and its management are serious and likely merit investigation from state and federal regulators," said Ciara Torres-Spelliscy, a professor at Stetson University College of Law.

Ellen Aprill, a professor of tax law at Loyola Law School, said, "I think the self-dealing transactions are violations of tax law and probably the state nonprofit law."

"I do think they merit both AG and IRS investigation," Aprill said.

Virginia's attorney general has not been shy about taking action against charities and nonprofits that have violated state law.

Herring's office filed lawsuits against sham cancer charities, deceptive veterans' charities and a service dog nonprofit between 2016 and 2018.