ITT Educational’s CEO, directors scoff at $250M lawsuit
Attorneys for the defendants have asked the court to discuss the case, arguing it falls far short of the standards needed to warrant a full-blown trial.
Kevin Modany
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SEC’s $300,000 ITT settlement leaves trail of questions
The modest settlements might suggest the SEC concluded its case wasn't that strong or that it would be difficult to explain to a jury.
Former ITT Educational execs to pay $300,000 to settle SEC lawsuit
The deals with former ITT CEO Kevin Modany and Chief Financial Officer Kevin Fitzpatrick were reached days before trial and include more than financial settlements.
Hard-fought civil fraud case against ITT brass nears trial
Former CEO Kevin Modany and former Chief Financial Officer Daniel Fitzpatrick tried to settle the case last year, but SEC commissioners rejected the deal. Another settlement conference is scheduled for May.
ITT failure a calamity, but former execs say not fraud
The SEC broadly charges that two former ITT Educational Services executives concealed from investors the “extraordinary failure” of two off-balance-sheet student loan programs ITT helped set up in 2009 after the financial crisis shut down the market for traditional private education loans.
ITT brass settled with SEC, but commissioners nixed deal
The SEC in a blistering 56-page suit had charged that the pair concealed the company’s rapidly eroding financial condition and “routinely misled” the firm’s outside accounting firm, PwC. It’s not clear what the terms of the settlements were.
What did ITT in? Short-sighted thinking, critic says
Under CEO Kevin Modany's stewardship over the past decade, ITT Educational Services Inc. has seen its stock market value drop from $2.9 billion to $8 million.
For ITT Educational, a hard fall and a long road back
ITT lawyers are zeroing in on cleaning up the legal quagmire—and they’re starting to have success. Without admitting liability, ITT in November reached agreements to settle securities lawsuits in Indiana and New York for a total of $29.5 million, with $25 million to be paid from the company’s insurance coverage.
ITT’s CEO staying, CFO leaving after disappointing quarter
Kevin Modany will continue to lead the Carmel-based for-profit educator until the year’s end. But Chief Financial Officer Dan Fitzpatrick is expected to be replaced within days.
ITT Educational shares soar after surprisingly strong profit
Shares of ITT Educational Services nearly doubled in value Friday morning after the company reported a 2014 profit more than three times higher than analysts expected and said its CEO would stay on for another three months.
ITT fraud suit casts longtime auditor as victim of deceit
PricewaterhouseCoopers had served as ITT's outside auditor for at least two decades before it abruptly announced last November it would step down, giving up some $1.5 million in fees a year.
UPDATE: SEC hits ITT Educational, execs with fraud charges
ITT Educational CEO Kevin Modany and Chief Financial Officer Daniel Fitzpatrick allegedly “engineered a campaign of deception and half-truths” to hide from investors the extent of losses ITT was suffering from student loan programs, the SEC said Tuesday morning.
With heat on company, ITT’s CEO Modany swings back
But in an interview with IBJ, ITT Educational Services CEO Kevin Modany asserted that for-profit colleges are a good deal, that they produce better results than community colleges, and that they are critical for the state and nation to close the skills gap among workers.
ITT Educational branches into charter schools
The for-profit educator won approval last month to start a charter school for 11th- and 12th-graders inside one of its ITT Technical Institutes in Indianapolis.
ITT fights to stem tumbling enrollment
A federal investigation and a shareholder lawsuit are the latest headwinds to threaten ITT Educational Services Inc., which is trying to reverse a precipitous decline in enrollment.
CEO convinces investors that ITT is on the rebound
For a guy whose company’s stock price has lost 75 percent of its value, Kevin Modany, the CEO of ITT Educational Services Inc., sounds pretty upbeat. And it seemed to rub off on investors Thursday.
Analysts: ITT’s woes are likely to worsen
Investors have dumped the already-depressed shares of ITT Educational Services Inc. after the operator of for-profit colleges shelled out $46 million for bad private student loans it had backed to help students pay the portion of its pricey tuition that federal loans won’t cover. With fewer ITT graduates able to find jobs, the default rates on these loans has spiked.
ITT Educational Services fears recruitment rules
New recruiter compensation rules adopted by the U.S. Department of Education could be one more thing that slows or even reverses the torrid growth of Carmel-based ITT Educational Services Inc.
Lending overhaul could be trouble for ITT
New student-lending rules proposed by the Obama administration could wipe out as much as two-thirds of profits at Carmel-based
ITT Educational Services Inc., some analysts believe.
ITT Educational awards top managers substantial raises
The Carmel-based for-profit educator paid CEO Kevin M. Modany $7.6 million in total compensation last year, a 63-percent increase over 2008. And the rest of his management team all enjoyed pay increases of 45 percent or more.