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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.

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For-profit college operator Corinthian calls it quits

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.

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ITT shares plunge 35 percent after SEC threatens action

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.

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For-profit colleges tap GI Bill loophole for business

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.

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