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→‎Investigations, Lawsuits, and Controversies: Added US District Court lawsuit in NY State. Please talk to me before making any major edit of this entry.
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*In early March 2011 [[WTMJ-TV]] (NBC4, Milwaukee, Wisconsin) ran an investigation finding teachers lying on attendance records so they could get cash bonuses paid by ITT Tech. ITT Tech formerly used an attendance policy as part of a requirement to get financial aid to show student progress.<ref name="tmj4">[http://www.todaystmj4.com/features/iteam/117279378.html ''I-Team: Teachers Told to Lie?'', WTMJ-TV, Accessed 3/3/11]</ref>
*In early March 2011 [[WTMJ-TV]] (NBC4, Milwaukee, Wisconsin) ran an investigation finding teachers lying on attendance records so they could get cash bonuses paid by ITT Tech. ITT Tech formerly used an attendance policy as part of a requirement to get financial aid to show student progress.<ref name="tmj4">[http://www.todaystmj4.com/features/iteam/117279378.html ''I-Team: Teachers Told to Lie?'', WTMJ-TV, Accessed 3/3/11]</ref>
*In 2012, ITT Tech was one of the for-profit colleges investigated by the Harkin Commission.<ref>http://www.republicreport.org/2012/for-profit-college-recruiter-harkin-report/</ref>
*In 2012, ITT Tech was one of the for-profit colleges investigated by the Harkin Commission.<ref>http://www.republicreport.org/2012/for-profit-college-recruiter-harkin-report/</ref>
*In 2013, a complaint was filed against ESI and two of current executive officers in US District Court for the Southern District of New York. The Massachusetts Laborers’ Annuity Fund filed a similar complain and the cases were consolidated. The Plumbers and Pipefitters National Pension Fund and Metropolitan Water Reclamation District Retirement Fund are the lead plaintiffs.
<ref>http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=10317593-390053-429448&type=sect&TabIndex=2&dcn=0001193125-14-418646&nav=1&src=Yahoo</ref>
*Students continue to allege that private loans with [[JP Morgan Chase]] and other banks are predatory. <ref>http://www.sueeasy.com/class_action_detail.php?case_id=413</ref>
*Students continue to allege that private loans with [[JP Morgan Chase]] and other banks are predatory. <ref>http://www.sueeasy.com/class_action_detail.php?case_id=413</ref>
<ref>http://www.consumerfinance.gov/newsroom/cfpb-sues-for-profit-college-chain-itt-for-predatory-lending/</ref>
<ref>http://www.consumerfinance.gov/newsroom/cfpb-sues-for-profit-college-chain-itt-for-predatory-lending/</ref>

Revision as of 13:15, 6 February 2015

ITT Technical Institute
MottoEducation for the Future
TypeFor-Profit (NYSE: ESI)
Established1969
PresidentEugene W. Feichtner[2][3]
Students57,000
Location
Carmel
,
Indiana
,
United States
Campus LocationsMore than 130 campuses
AffiliationsITT Educational Services, Inc. (1994-2014)
ITT Corporation (1965-1994)
Websitehttp://www.itt-tech.edu
ITT Tech Canton, Michigan campus

ITT Technical Institute (often shortened to ITT Tech or ITTTI), is a for-profit technical institute with over 130 campuses in 38 states of the United States.[4] ITT Tech is owned and operated by ITT Educational Services, Inc. (NYSE: ESI), a publicly traded company headquartered in Carmel, Indiana.[5]

Students and employees have written critically about the school's high tuition and low academic standards.[6] ITT Technical Institute charges among the highest tuition in the industry. It also has the industry's highest rate of loans that go into default within two years of attendance.[7] In 2014, the tuition for attending an ITT Tech campus ranged from $45,000 to $85,000. [8] According to ITT Tech literature, credits earned at ITT Tech are unlikely to transfer to other colleges [9]

On February 26, 2014, the CFPB sued ITT alleging they used high-pressure tactics to coerce students into high-interest private loans that were likely to end in default.[10][11] ESI is also being investigated by at least a dozen state Attorneys General. [12][13][14]

Company history

ITT Tech was founded in 1946 as Educational Services, Inc. and has been headquartered in Carmel, Indiana, since 1969. From 1965 until its IPO in 1994, ITT Tech was a wholly owned subsidiary of ITT Corporation (as "ITT/ESI"). By 1999, ITT Corp. (which had merged with Starwood Hotels & Resorts Worldwide the year before) divested itself completely of ITT Tech's shares but the schools still use the "ITT" name under license. It operates over 130 ITT Technical Institutes across the US, which primarily provide career-focused degree programs to approximately 60,000 students.

California Regent Richard C. Blum (Senator Dianne Feinstein's husband) has been a significant shareholder of the stock[15][16] despite allegations of conflict of interest. [17]

Board member Vin Weber has also been a key political operative for the company since 1994.[citation needed]

On February 26, 2014, the Consumer Financial Protection Bureau sued ITT for its use of loans the college chain knew would default.[18]

In August 2014, the US Department of Education placed ESI under "heightened cash monitoring" failing to submit financials and compliance audits tied to its administration of federal financial aid. CEO Kevin Modany also announced his resignation.[19]

In the wake of these problems, accounting firm PricewaterhouseCoopers left ESI and [20]Deloitte was named the external auditor for ESI. [21]

In November 2014, J.P. Morgan Chase Bank loaned ITT Educational Services $79,000,000 to "satisfy a federal penalty." [22]

In December 2014, Cerberus Capital Management issued a $100,000,000 term loan to ESI. The loan will mature in December 2017.[23]

Academic services

ITT Tech offers AAS, bachelor's BAS, and master's (business-only, online) degrees. ITT Tech is nationally accredited by the Accrediting Council for Independent Colleges and Schools. It may be impossible to transfer credits from ITT to a traditional university; per the ITT Web site, "it is unlikely that any credits earned at an ITT Technical Institute will be transferable to or accepted by any institution other than an ITT Technical Institute."[24]

Campuses

ITT's brick-and-mortar offerings include more than 130 locations in 35 states. USA Today listed several ITT campuses as "red flag" schools because their student loan default rates were higher than their graduation rates. [25] Those schools are:
ITT Technical Institute-Bessemer(AL)
ITT Technical Institute-Tempe (AZ)
ITT Technical Institute-Tucson (AZ)
ITT Technical Institute-Little Rock (AR)
ITT Technical Institute-Orange (CA)
ITT Technical Institute-Oxnard (CA)
ITT Technical Institute-Rancho Cordova (CA)
ITT Technical Institute-San Bernardino (CA)
ITT Technical Institute-San Diego (CA)
ITT Technical Institute-San Dimas (CA)
ITT Technical Institute-Torrance (CA)
ITT Technical Institute-Thornton (CO)
ITT Technical Institute-Fort Lauderdale (FL)
ITT Technical Institute-Jacksonville (FL)
ITT Technical Institute-Lake Mary(FL)
ITT Technical Institute-Miami(FL)
ITT Technical Institute-Tampa (FL)
ITT Technical Institute-Duluth (GA)
ITT Technical Institute-Boise (ID)
ITT Technical Institute-Fort Wayne (IN)
ITT Technical Institute-Indianapolis (IN)
ITT Technical Institute-Newburgh (IN)
ITT Technical Institute-Louisville (KY)
ITT Technical Institute-Wyoming (MI)
ITT Technical Institute-Eden Prairie (MN)
ITT Technical Institute-Arnold (MO)
ITT Technical Institute-Earth City (MO)
ITT Technical Institute-Henderson (NV)
ITT Technical Institute-Norwood (OH)
ITT Technical Institute-Strongsville (OH)
ITT Technical Institute-Youngstown (OH)
ITT Technical Institute-Portland (OR)
ITT Technical Institute-King of Prussia (PA)
ITT Technical Institute-Pittsburgh (PA)
ITT Technical Institute-Greenville (SC)
ITT Technical Institute-Cordova (TN)
ITT Technical Institute-Nashville (TN)
ITT Technical Institute-Austin (TX)
ITT Technical Institute-Richardson (TX)
ITT Technical Institute-San Antonio (TX)
ITT Technical Institute-Murray (UT)
ITT Technical Institute-Chantilly (VA)
ITT Technical Institute-Norfolk (VA)
ITT Technical Institute-Green Bay (WI)
ITT Technical Institute-Greenfield (WI)

Investigations, Lawsuits, and Controversies

  • In August 1998, 15 former students alleged misrepresentation, fraud and concealment by ITT arising out of their recruitment and education at ITT campuses. In September 1998, ITT settled all of the claims.[26]
  • On February 25, 2004, federal agents raided the company's headquarters and ten of its campuses.[27] The investigation negatively affected the company's stock and triggered several class action lawsuits by investors.[28][29]
  • In October 2005, ITT agreed to pay $730,000 to settle a lawsuit with California in which employees alleged that it inflated students' grade point averages so they qualified for more financial aid from the State of California.[30]
  • An investigation by WGBA-TV (NBC26, Green Bay, Wisconsin) found evidence of widespread grade inflation. In one instance, a student got 100% on a computer forensics assignment by emailing the professor a noodle recipe. The station believes this to be a way to increase federal student aid funding.[31]
  • In early March 2011 WTMJ-TV (NBC4, Milwaukee, Wisconsin) ran an investigation finding teachers lying on attendance records so they could get cash bonuses paid by ITT Tech. ITT Tech formerly used an attendance policy as part of a requirement to get financial aid to show student progress.[32]
  • In 2012, ITT Tech was one of the for-profit colleges investigated by the Harkin Commission.[33]
  • In 2013, a complaint was filed against ESI and two of current executive officers in US District Court for the Southern District of New York. The Massachusetts Laborers’ Annuity Fund filed a similar complain and the cases were consolidated. The Plumbers and Pipefitters National Pension Fund and Metropolitan Water Reclamation District Retirement Fund are the lead plaintiffs.

[34]

  • Students continue to allege that private loans with JP Morgan Chase and other banks are predatory. [35]

[36]

See also

References

  1. ^ http://www.wsj.com/articles/itt-enrollment-not-as-bad-as-feared-1413556204
  2. ^ "Corporate Governance - Management & Directors". ITT Education Services. Retrieved 2010-04-16.
  3. ^ "Eugene Feichtner: Executive Profile & Biography". BusinessWeek. Retrieved 2010-04-16. {{cite web}}: Italic or bold markup not allowed in: |publisher= (help)
  4. ^ ITT Educational Services, Inc. Announces the Opening of its First College in West Virginia Expanding the Company's Reach into 37 States MarketWatch, November 14, 2008
  5. ^ "FAQ." ITT Technical Institute. Retrieved on November 23, 2011. "Our principal executive offices are located at: ITT Educational Services, Inc. 13000 North Meridian Street, Carmel, Indiana 46032"
  6. ^ http://www.nytimes.com/2010/03/14/business/14schools.html?src=me&ref=general&_r=0
  7. ^ "Clever Is as Clever Does", Barron's, Saturday, April 14, 2012
  8. ^ http://programinfo.itt-tech.edu/cost.pdf
  9. ^ http://www.itt-tech.edu/credits.pdf
  10. ^ Lopez, Ricardo. "Regulator accuses ITT for-profit college chain of predatory lending". latimes.com. Retrieved 2014-02-27.
  11. ^ http://www.consumerfinance.gov/newsroom/cfpb-sues-for-profit-college-chain-itt-for-predatory-lending/
  12. ^ http://www.huffingtonpost.com/davidhalperin/state-attorneys-general-o_b_4677145.html
  13. ^ http://www.wsj.com/articles/SB10001424052702303819704579318872286744010
  14. ^ http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=10317593-390053-429448&type=sect&TabIndex=2&dcn=0001193125-14-418646&nav=1&src=Yahoo
  15. ^ http://www.counterpunch.org/2010/03/01/who-runs-the-university-of-california/
  16. ^ http://articles.latimes.com/2010/jul/14/business/la-fi-hiltzik-column-20100714
  17. ^ http://www.berkeleydailyplanet.com/issue/2010-06-22/article/35661
  18. ^ "U.S. sues college chain ITT over loans". USA Today. February 26, 2014. Retrieved February 27, 2014.
  19. ^ http://www.ibj.com/articles/48892-itt-educational-ceo-signals-resignation-amid-stock-freefall-federal-scrutiny
  20. ^ http://www.law360.com/articles/593666/itt-auditor-walks-away-amid-ceo-search
  21. ^ http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=10343384-859-6287&type=sect&TabIndex=2&dcn=0000922475-14-000046&nav=1&src=Yahoo
  22. ^ http://www.law360.com/articles/593666/itt-auditor-walks-away-amid-ceo-search
  23. ^ http://www.streetinsider.com/Corporate+News/ITT+Educational+Services+(ESI)+Enters+$100M+Term+Loan+Agreement+with+Cerberus+Business/10073284.html
  24. ^ ITT Technical Institute FAQ
  25. ^ http://www.usatoday.com/story/news/nation/2013/07/02/college-default-rates-higher-than-grad-rates/2480295/
  26. ^ ITT Educational Services, Inc · 424B4 · On 1/27/99
  27. ^ Feds serve warrants at ITT Tech campuses, CNN
  28. ^ Federal Probe Targets ITT Tech, CertCities March 2, 2004
  29. ^ ITT's CEO Expects Lengthy Federal Investigation, Stock Slips, Channel Web Network, Feb. 26, 2004, Mark Jewell
  30. ^ ITT, Calif. Settle False Claims Lawsuit, Inside Higher Education, Oct. 18, 2005, Doug Lederman
  31. ^ Diamant, Aaron. "I-Team: Easy A's". WGBA-TV. Archived from the original on 2011-02-18. Retrieved 2014-11-02.
  32. ^ I-Team: Teachers Told to Lie?, WTMJ-TV, Accessed 3/3/11
  33. ^ http://www.republicreport.org/2012/for-profit-college-recruiter-harkin-report/
  34. ^ http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=10317593-390053-429448&type=sect&TabIndex=2&dcn=0001193125-14-418646&nav=1&src=Yahoo
  35. ^ http://www.sueeasy.com/class_action_detail.php?case_id=413
  36. ^ http://www.consumerfinance.gov/newsroom/cfpb-sues-for-profit-college-chain-itt-for-predatory-lending/

External links

source: https://en.wikipedia.org/w/index.php?title=&diff=prev&oldid=645891246

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