In 2011, the Massachusetts Attorney General launched an investigation of unfair or deceptive methods of recruitment and financing of education by the University of Phoenix.In 2011, the Delaware Attorney General launched an investigation of unfair and deceptive trade practices by the University of Phoenix.Securities and Exchange Commission issued an enforcement inquiry regarding insider trading by Apollo. In 2014, a whistleblower lawsuit was filed in Ohio against the University of Phoenix for violating the False Claims Act by falsely certifying it was in compliance with various Higher Education Act regulations.Department of Education Inspector General issued a subpoena for information regarding the University of Phoenix’s “marketing, recruitment, enrollment, financial aid processing, fraud prevention, student retention, personnel training, attendance, academic grading and other matters.” In 2015, a whistleblower lawsuit was filed by two former military liaisons for the University of Phoenix, alleging they were asked to make “substantial misrepresentations” to veterans to recruit them to attend the school.military and California National Guard, including marketing, recruiting, billing, financial aid, accommodations and other services for military personnel and use of U.S. In 2015, the California Attorney General issued an investigation and subpoena of the University of Phoenix relating to members and former members of the U.S.Department of Defense put the University of Phoenix on probationary status and cut it off from Tuition Assistance for violating DoD’s Memorandum of Understanding. The government was forced to forgive approximately $40,000 in federal student loans on her behalf.
Department of Education to have her student loans discharged because the University of Phoenix falsely certified that she had graduated from high school even though she told the university that she had not. In 2016, a former University of Phoenix student sued the U.S.Those defrauded included the Government of Guam Retirement Fund. The lawsuit alleged that Apollo made false and misleading statements to stock purchasers about the amount of revenue it made from aggressively recruiting servicemembers, and then traded on artificially-inflated stock prices. In 2019, a securities fraud class action settled against Apollo for $7.4 million.The former employee attested that the school fraudulently inflates its graduation and job placement statistics to meet the “90/10 rule,” that employees are trained to falsify loan applications of students that lack a high school diploma, and that the school engages in other misconduct. In 2019, a False Claims Act lawsuit by a former University of Phoenix employee settled for undisclosed sums.In 2019, the FTC settled for $191 million against the University of Phoenix for deceptive and unfair practices in marketing, advertising, and sales, including against servicemembers and veterans.Department of Veterans Affairs issued a warning of its intent to suspend new GI Bill enrollments due to deceptive advertising, sales, and enrollment practices unless corrective action was taken. In 2017, Apollo was taken off the stock market and became a privately-held company. The company’s stock suffered after numerous government investigations revealed that the school had violated its MOU with the Department of Defense and aggressively targeted servicemembers, and that its executives had made numerous stock trades on allegedly artificially-inflated stock prices as a result of those actions, thus defrauding investors as well. University of Phoenix is a for-profit college owned by Apollo Global Management, previously publicly-traded on the U.S.
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