Scott Van Pelt analyzes the significance of the federal fraud and corruption charges that came down in college basketball Monday, saying the news of the rules being broken isn't surprising. (2:53)

Men's basketball coach Rick Pitino expressed "complete shock" that Louisville is involved in a federal investigation into fraud and corruption in recruiting.

Interim university president Gregory Postel announced Tuesday that Louisville had been notified of its part in the federal investigation.

"These allegations come as a complete shock to me," Pitino said in a prepared statement. "If true, I agree with the U.S. Attorney's Office that these third-party schemes, initiated by a few bad actors, operated to commit a fraud on the impacted universities and their basketball programs, including the University of Louisville. Our fans and supporters deserve better and I am committed to taking whatever steps are needed to ensure those responsible are held accountable."

Earlier in the day, federal prosecutors in New York announced charges of fraud and corruption against 10 people involved in college basketball, including four assistant coaches -- Auburn's Chuck Person, Oklahoma State's Lamont Evans, Arizona's Emanuel "Book" Richardson and USC's Tony Bland.

The three-year FBI probe focused on coaches being paid tens of thousands of dollars to steer NBA-bound players toward sports agents, financial advisers and apparel companies.

Federal criminal complaints accuse at least one coach at a "public research university located in Kentucky" -- identified as Louisville -- of taking part in a scheme to funnel about $100,000 from Adidas to an All-American high school player whom the Cardinals were recruiting.

Louisville is currently on probation by the NCAA, and Pitino is facing a suspension by college's governing body following a sex scandal investigation.

On June 15, the NCAA suspended Pitino for five Atlantic Coast Conference games. The university is appealing.

The NCAA also placed the basketball program on four years' probation, vacated wins in which ineligible players participated and issued a 10-year show-cause order for former basketball operations director Andre McGee.

Former escort Katina Powell alleged that McGee had hired her and other escorts to strip for and have sex with Louisville recruits and players.