Penn wasn't ready to release a definitive statement on the situation concerning Jerome Allen.
The former head basketball coach pleaded guilty to laundering money in connection with accepting payment from a businessman in an attempt to help his son gain admission to the school.
The incident occurred in 2014, when Allen was the head coach of Penn. He is now an assistant coach with the Boston Celtics.
The school, however released this statement Monday to the Inquirer and Daily News.
"Penn Athletics is currently in the final stages of the independent review regarding the situation involving former head men's basketball coach Jerome Allen. Until that process is finalized, it is not appropriate to comment further."
Allen, a former star at Penn, pleaded guilty last week to a federal crime in the U.S. District Court for the Southern District of Florida.
In a statement released by his attorney, Ronald S. Sullivan Jr., Allen stated:
"In 2014 before I joined the Celtics organization and while I served as the head basketball coach at the University of Pennsylvania, I accepted $18,000 as referenced in the information from the father of a prospective student for the purpose of using my position as the coach to help his son get admitted to the school as a 'listed' recruit."
Allen went on to say that his plea agreement with the government required him to repay the $18,000 plus a $200,000 fine.
"I failed on many levels," Allen continued. "Primarily, I had a failure of character. I did not live up to the high standards I set for myself, or were expected of me in the position that I held. I am sorry. I let down my family, my friends, my alma mater, and my Celtics family. Even more important, I was not true to my faith. I let down my God.
"I will forever regret exposing my wife and children to this situation. I will spend the rest of my life living up to the ideals that we, as a family, espouse. My family means everything to me. Regrettably, I have earned their disappointment. While I cannot undo the past, I can be a better man in all my future interactions. This is my promise to them.
"I am heartbroken that my players – current and former – will know that I broke the law. But I do hope that some good may come out of this. I wish to model my young players how one accepts responsibility for wrongdoing, including the consequences that come from unlawful behavior.
"Words cannot express my love and deep appreciation for my wife. She has been my rock during this tumultuous time.
"I apologize to all impacted by my failure of character. I am deeply and profoundly sorry."
Allen, 45, a local product from Episcopal Academy, helped lead Penn to Ivy League titles in 1993, 1994, and 1995 and was a two-time Ivy League player of the year. He played two seasons in the NBA and had a long career as a professional basketball player overseas.
Allen was Penn's head coach from 2009 to 2015, compiling a 65-104 record. He was hired by the Celtics in July 2015.
There have been reports that the Celtics may suspend Allen. A Celtics spokesman said the team would have no comment.