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https://www.sec.gov/news/pressrelease/2015-86.html
May 12, 2015 · SEC Announces Fraud Charges Against ITT Educational Services. FOR IMMEDIATE RELEASE 2015-86 ... The SEC’s complaint alleges that ITT, Modany, and Fitzpatrick engaged in a fraudulent scheme and made a number of false and misleading statements to hide the magnitude of ITT’s guarantee obligations for the PEAKS and CUSO programs. For example ...
https://www.sec.gov/litigation/litreleases.shtml
See also: SEC Complaint: LR-24718: Jan. 16, 2020: Drake et al., Messier et al., Brooks See also: SEC SEC Complaint against Gregory Lamont Drake, Stephen Kenneth Grossman, Stephen Scott Moleski, Jason David St. Amour, and David Alan Wolfson; SEC Complaint against Thomas Troy Brooks; and SEC Complaint against Scott Charles Messier and Jay Zola ...
https://www.washingtonpost.com/news/grade-point/wp/2017/07/03/sec-settles-fraud-charges-against-defunct-for-profit-college-company-itt/
Jul 03, 2017 · The Securities and Exchange Commission has settled its fraud case against ITT Educational Services, but it continues to pursue top executives from …
https://www.washingtonpost.com/news/grade-point/wp/2018/07/09/itts-top-executives-settle-fraud-charges-with-sec/
Jul 09, 2018 · Earlier this year, a federal judge recognized a $1.5 billion claim ITT Tech students, who attended the school between 2006 and 2016, asserted against the company for breach of contract and ...
https://www.latimes.com/business/la-fi-sec-itt-20170703-story.html
Jul 03, 2017 · The Securities and Exchange Commission has settled its fraud case against ITT Educational Services, but it continues to pursue top executives from …
https://www.consumerhelpcentral.com/itt-sec-lawsuit/
May 14, 2015 · “Our complaint alleges that ITT’s senior-most executives made numerous material misstatements and omissions in its disclosures to cover up the subpar performance of student loans programs that ITT created and guaranteed,” said Andrew J. …
https://consumerist.com/2015/05/12/sec-charges-current-former-executives-of-for-profit-chain-itt-educational-services-with-fraud/
According to the SEC complaint , the loans performed so poorly by 2012 that the company’s guarantee obligations were triggered. However, instead of disclosing the issue to investors, ITT and its ...
https://consumerist.com/2016/01/21/whistleblower-lawsuit-accuses-itt-tech-of-defrauding-government-using-deceptive-recruitment-practices/
Whistleblower Lawsuit Accuses ITT Tech Of Defrauding Government, Using Deceptive Recruitment Practices ... have been levied against ITT Tech. In May 2015, the SEC filed fraud ... SEC complaint ...
https://www.insidehighered.com/news/2015/05/13/sec-charges-itt-fraud-over-student-loan-programs
May 13, 2015 · It revolves around how ITT induced investors to finance the loan programs’ risky lending by backing it with guarantees from the for-profit’s own coffers. By 2012, according to the SEC’s 56-page complaint, the loans had “performed so abysmally, with extremely high default rates, that ITT’s guarantee obligations began to balloon.”
https://www.chicagotribune.com/business/ct-biz-itt-tech-fraud-charges-settlement-20180709-story.html
Jul 09, 2018 · The former executives continued to fight the allegations against them, even after the company settled its fraud case with the SEC. ... according to the SEC complaint…
https://www.huffpost.com/entry/breaking-federal-consumer_b_4859812
The federal Consumer Financial Protection Bureau this morning filed a civil lawsuit against for-profit college company ITT Educational Services, seeking restitution to students allegedly harmed by ITT's private loan programs, a civil fine, and an injunction against the company.
https://www.oregonlive.com/business/2017/07/sec_settles_fraud_charges_agai.html
ITT chief executive Kevin Modany and former chief financial officer Daniel Fitzpatrick are still fighting the allegations made against them by the SEC, which declined to comment on those proceedings.
https://www.bizjournals.com/memphis/news/2015/05/26/fraud-charges-filed-against-itt-tech.html
May 26, 2015 · The Securities and Exchange Commission filed fraud charges against ITT Educational Services Inc. The SEC says that Indianapolis-based ITT and two of its executives, CEO Kevin Modany and CFO Daniel ...
https://www.corporatecrimereporter.com/news/200/sec-charges-itt-educational-services/
The Securities and Exchange Commission (SEC) has filed fraud charges against ITT Educational Services Inc., its chief executive officer Kevin Modany, and its chief financial officer Daniel Fitzpatrick. ITT is being represented by Brian Lane of Gibson Dunn & Crutcher in Washington, D.C. Mondany is being represented by Joan McKown of Jones Day in Washington,…
https://www.latimes.com/business/la-fi-itt-sec-20180710-story.html
Jul 10, 2018 · Executives assured investors in conference calls that the programs were performing well, while ITT’s obligations to pay out on soured loans began to balloon, according to the complaint. ITT ...
https://www.law360.com/articles/941060/sec-settles-itt-student-loan-case-nears-deal-with-execs
SEC Settles ITT Student Loan Case, Nears Deal With Execs ... and it did not admit to the allegations set forth in the SEC’s 2015 civil fraud complaint. ... which include a final judgment against ...
https://www.reuters.com/article/us-sec-itt-education-idUSKBN0NX1QU20150512
May 12, 2015 · The SEC lawsuit seeks to recoup illegal gains, impose civil fines, impose office and director bans against Modany and Fitzpatrick, and force them to …
https://www.republicreport.org/2020/itt-tech-directors-get-away-with-it-but-modany-still-faces-claims/
Jan 31, 2020 · ITT filed for Chapter 7 bankruptcy the same month it shut down its schools. The SEC’s lawsuit against ITT, Modany, and ex-chief financial officer Daniel Fitzpatrick alleged that the company and executives concealed from investors “the poor performance and looming financial impact of two student loan programs that ITT financially guaranteed ...
https://www.debevoise.com/~/media/files/insights/publications/2017/09/1afr_enforcement_round_up_sep_2017_issue_3.pdf
contrast with the SEC’s rejection of the former executives’ proposed settlement a few weeks later. However, ITT remains in bankruptcy and appears to be a defunct entity. The SEC may have determined that a monetary penalty against a bankrupt company would have no value. The SEC’s 2015 complaint against ITT and the two former executives
https://www.republicreport.org/wp-content/uploads/2017/08/Durbin-QFRs-for-Chairman-Clayton.pdf
SEC’s litigation against ITT, Modany and Fitzpatrick. The SEC filed its Complaint against ITT, Modany, and Fitzpatrick in the U.S. District Court for the Southern District of Indiana on May 12, 2015.1 The Complaint alleged that ITT, Modany and Fitzpatrick engaged in a fraudulent scheme and made false and
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