Today I got a call from Everest University, asking if my company needed any interns. I let them know that I was aware of the Everest College fraud, that we are fraud investigators, and that no, we would not do any business with them. What am I talking about?
The State of Wisconsin has sued Corinthian Colleges Inc. for defrauding students in an effort to enroll them in their for-profit schools. For-profit colleges and universities tend to prey on young adults who are unsophisticated financially. They talk the students into taking out loans to pay outrageous tuition (high tuition, poor quality education). The students are happy because they have a chance to get a degree without paying much out of pocket now, not realizing that the crappy degree will never pay for itself (they will never earn enough at a job in their field to pay off the loans).
The complaint in this case provides interesting information on how Everest College ran its scam: