'The SEC settlement, which was filed in Los Angeles federal court on Feb. 25, has caught the eye of Democrats in Congress, who see it as part and parcel of the Trump administration’s bizarrely tolerant approach to for-profit colleges,' writes hiltzikm .
The Corinthian case isn’t the first in the for-profit education sector in which the SEC has treated alleged perpetrators with kid gloves. In 2017, the SEC staff reached a settlement with ITT Educational Services and two of its top executives the agency had accused of fraud. The settlement with the firm required the executives to pay no penalties or make any admissions; the firm, which was then out of business, paid no fine and made no admission of guilt.
The SEC case against Massimino and Owen was something of a sideshow to the main deceptions that Corinthian has been charged with. Rather, it involves the company’s alleged maneuvers to remain eligible for federal student grants and loans, which were its lifeblood.
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