ITT Educational Gets Wells Notice From SEC On Student Loans

Career College Central Summary:

  • ITT Educational Services Inc., an operator of for-profit colleges, said it received a notice that the U.S. Securities & Exchange Commission may take enforcement action related to its loans to students.
  • Scrutiny of ITT Educational’s loan programs increased after accounting and disclosure issues were raised by an SEC review that began last year.
  • The company is in discussions with the SEC and working to head off an enforcement decision by the agency, said Nicole Elam, an ITT spokeswoman.
  • “We worked with multiple leading independent experts in the field before making these accounting and disclosure decisions,” she said in a telephone interview.
  • “We acted in good faith in making decisions on complicated issues.” 

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