Difference between revisions of "ITT Tech"
(ITT Technical Institute Facts & Timeline)
Revision as of 14:19, 8 October 2015
- ITT Tech is under investigation by 13 states attorneys general for lying to students, predatory lending, deceptive marketing practices, bloated job placement statistics.
- ITT Tech is currently being sued by the Securities and Exchange Commission (a NYSE Wall Street regulator) charging CEO Kevin Modany and CEO Daniel Fitzpatrick with fraud and lying to investors regarding PEEKS and CUSO predatory lending practices. The were also charged with not submitting their quarterly accounting to the SEC.
- In 2014, the New Mexico Attorney General King, filed a civil lawsuit against ITT Tech. They alleged that ITT Tech made misrepresentations to students, violated New Mexico law, and engaged in unfair, deceptive, and unconscionable acts and practices in violation of New Mexico’s Unfair Practices Act (“UPA”) in connection with the advertising, marketing, and selling of educational services to New Mexico consumers.
- In 2014, the Consumer Financial Protection Bureau (CFPB) sued ITT for predatory lending, non-transferrable credits, deceptive marketing practices and bloated job placement statistics.
"ITT marketed itself as improving consumers’ lives but it was really just improving its bottom line, We believe ITT used high-pressure tactics to push many consumers into expensive loans destined to default. Today’s action should serve as a warning to the for-profit college industry that we will be vigilant about protecting students against predatory lending tactics.” Reference Source - said CFPB Director Richard Cordray on Prepared Remarks of CFPB Director Richard Cordray at the ITT Enforcement Action Press Conference Febuary 26, 2014
- Former Student Loans Ombudsman official, Rohit Chopra of the CFPB recently sent a letter to ITT Tech's investors warning them it is "not properly managed" and without reform, "will continue to harm both its students and its shareholders."
- ITT is under investigation by the Department of Justice for defrauding the federal government, accused of Title IV fraud (Federal Student Aid) This investigation is to determine whether ITT Tech has violated the False Claims Act. September 22, 2015.
- Janice Nottenkamper is a former Financial Aid Administrator for ITT Tech in Little Rock, AR. Ms. Nottenkamper is suing ITT ESI: CEO Kevin Modany, CFO Daniel Fitzpatrick and other executives for deceitful and predatory practices against students, fraud and predatory practices pushing students into high-cost private loans that were likely to default. This case is in current litigation. She is a hero and whistleblower. --WikiNiki (talk) 14:19, 8 October 2015 (PDT)