Thursday, January 17, 2008

U of Phoenix & fraud

From this morning’s New York Times: Fraud by University Owner Is Found:
PHOENIX (AP) — The Apollo Group Inc., the company that owns the University of Phoenix, fraudulently misled investors in 2004 about student recruitment policies, a federal jury decided Wednesday. The panel ordered the company to pay shareholders about $280 million.

Jurors said Apollo officials “knowingly and recklessly” made false statements in a news release, a filing with the Securities and Exchange Commission and four conference calls with market analysts. By doing so, jurors said, Apollo violated federal securities laws.

…Shareholders claimed that Apollo misled investors four years ago when it kept secret a 2004 Department of Education report that criticized the University of Phoenix’s recruitment policies. The report concluded that the university paid enrollment counselors solely based on the “recruiters’ success in securing enrollments,” which violated federal regulations….
See also Piling on the U of P.

9 comments:

Anonymous said...

Didn't some famous IVC leaders get their degrees from the U of P?

Anonymous said...

No. That's NOVA I believe. Argossy is another one.

Anonymous said...

The supremes the other day had a huge decision giving immunity to many fraudulent business practices. The US chamber of commerce lauded the decision, so you know we're all going to get fucked.

There's nothing like a republican justice looking out for business interests.

Anonymous said...

Wayne Ward, among others, had a U of P degree.

Worthless.

Anonymous said...

Do they have homcoming kings and queens at U of P?

Anonymous said...

The only book you need's a checkbook.

--100 miles down the road

Anonymous said...

The only book you need's a checkbook.

--100 miles down the road

Anonymous said...

IVC's Director of Technology has a U of P degree.

Anonymous said...

Phoenix Online also commits fraud against the students. They create situations that aren't passable. Example is that the term papers need to go thru a checker to be sure it is original papers. But don't bet on that it will be passed on to the correct instructor at the right time. One paper is 20% of grade. Which means they can fail you for doing your work. And then keep the $1,800 for that one class. WHAT A RIP-OFF

Roy's obituary in LA Times and Register: "we were lucky to have you while we did"

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