If a student has already graduated from college, university, graduate school, professional school, whatever the case may be, if the academic misconduct comes to light subsequent to that, in almost all instances the school would still take action against that student, would still, say, investigate and if appropriate in other words if there is a sufficient basis to proceed further, to charge the student with academic misconduct and to adjudicate the case.
Potential consequences could be the revocation of a degree, even if a person had graduated, that's the unfortunate reality. People aren't always necessarily aware of that but unfortunately, such allegations can rear their head literally years later, and it can impact the person who's established either at a further place in higher education or even in their professional career. Academic misconduct at any level of higher education is incredibly serious and needs to be responded to accordingly, and experienced attorney advisors is your best ally to do so.