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.
Corinthian Colleges students, whose schools closed this week amid fraud allegations, are being steered by the U.S. Education Department to other for-profit chains also under investigation for similar misbehavior, including Carmel-based ITT Educational.
Corinthian Colleges Inc.—which once competed with the country’s biggest for-profit education companies, including Carmel-based ITT Educational Services—shut down its remaining 28 schools Monday, essentially completing the biggest collapse in U.S. higher education.
The decision stems from a case involving the Franklin Township school district in Indianapolis, which was sued after it eliminated free bus service for the 2011-2012 school year.
The Carmel-based, for-profit educator announced Thursday that it had secured a much-needed, $100 million loan.
Schools with career-oriented programs that fail to comply with a new rule announced Thursday by the Obama administration stand to lose access to federal student-aid programs.
Investors warmed to news that student enrollment during the spring and summer fell less than expected and that ITT has the cash on hand to get through recent troubles caused by student loan losses.
Purdue University President Mitch Daniels said he isn't surprised that he likely won't receive all the incentive pay that's included in his contract.
Indiana University officials are planning to open at least a half-dozen overseas offices to help raise the school's profile around the world.
The Greencastle university said it already has raised more than $200 million toward the goal. About $100 million of the total will go toward a new endowment for need-based financial aid.
ITT Educational Services Inc. dodged a bullet from the U.S. Department of Education, according to a securities filing issued Friday morning, but now faces a new threat: a potential enforcement action from the U.S. Securities & Exchange Commission.
For-profit college ITT Educational Services Inc., already under pressure from the U.S. Education Department, is facing stricter terms from lenders that could put its operations at risk.
Carmel-based ITT Educational Services no longer has a margin of error, as it tries to dig out from a scuttled real estate deal, tightened rules from lenders and the feds, and its CEO’s pending resignation.
Carmel-based ITT Educational Services Inc. announced late Monday afternoon that CEO Kevin Modany planned to resign within six months. The struggling for-profit education firm has drawn scrutiny from government officials for its marketing and lending practices.
The real estate deal would have brought as much as $119.1 million for the struggling, Carmel-based education firm.
The so-called “90/10 rule” limits a for-profit college to getting no more than 90 percent of its revenue from the government. However, veterans’ and military tuition programs are excluded from the cap, and the colleges have aggressively recruited from the military.
Corinthian Colleges Inc., which competes against Carmel-based ITT Educational Services Inc., said Tuesday that a campus in Indiana is on its closure list.
Carmel-based ITT Educational Services Inc. said the U.S. Education Department may limit its access to student-loan funds because the company is unable to provide audited financial statements.
The fellows will work to develop new approaches for struggling IPS schools, including concepts that focus on entrepreneurship and the Montessori method.
Corinthian Colleges is a competitor of Carmel-based ITT Educational Services Inc. Firms in that field have seen enrollment drop amid heightened government scrutiny.
