Multiple Florida Players Suspended for Michigan Game

Well, according to one of the updates linked above by Mocha Cub, "The players were alleged to have to taken part in a scheme that saw them purchase electronic products with school-issued debit cards before selling them for cash. While this practice is not uncommon in college football, the Gators’ players then went to university officials to report their cards stolen, triggering a school investigation into possible credit card fraud.  After investigation officials deemed the cards were not stolen and looked into the purchases, they found the players at fault for misusing funds given to them."  

If that's true, then it looks as if the players were planning to keep the $$ from selling the goods they bought, AND having their spending accounts replenished for amounts spent after the dates that the cards were allegedly stolen?  Otherwise, why would they report their cards as stolen?  It's fraud in that the debit card companies would have eaten the loss of the $$ for purchase of the electronics.