Is this really a surprise? I wonder if those photos were for a mistress or a poolboy. Or, the photos could have been for his wife. Cohen wasn't clear. https://www.reuters.com/article/us-usa-politics-falwell-exclusive/exclusive-trump-fixer-cohen-says-he-helped-falwell-handle-racy-photos-idUSKCN1SD2JG
Assuming the story is accurate, the clear indication is that Falwell has violated several provisions of the code of conduct that Liberty students are required to sign. And, before Falwell offers criticism of Cohen, it should be pointed out that Liberty encourages students to snitch on each other. So, there's that.
I am not sure what all of those provisions are but your statement may not be accurate. The way the story reads to me is that the photographs may be of consensual acts between husband and wife that just happened to fall into someone else's hands and aren't for public consumption. If this is the case, they are clearly the victims, regardless of anyone's personal opinions about the people impacted.
What's in the photos might have been more of a concern than who they were going to. The last I heard, Junior's attorney declined to comment.