August 7, 2012
For Immediate Release:
Education Management Corporation (EDMC) is the operating corporation of four for-profit colleges. Those four colleges include: The Art Institutes, Argosy University, South University, & Brown Mackie College. EDMC is a publically traded company on the NASDAQ under the symbol EDMC. Currently, Goldman Sachs owns an estimated 41% of EDMC. In 2011 Profits for the company exceeded $3 Billion.
August 7, 2012
For Immediate Release:
Education Management Corporation (EDMC) is the operating corporation of four for-profit colleges. Those four colleges include: The Art Institutes, Argosy University, South University, & Brown Mackie College. EDMC is a publically traded company on the NASDAQ under the symbol EDMC. Currently, Goldman Sachs owns an estimated 41% of EDMC. In 2011 Profits for the company exceeded $3 Billion.
Multiple investigations & lawsuits by both private counsel and Attorneys General have been filed against EDMC. The basis of the allegations and lawsuits include: Whistleblowing, fraud, negligent misrepresentation, breach of contract and FDUTPA violations.
A former admissions director is now involved in a whistleblower lawsuit confirming many of the allegations against EDMC and its subsidiary schools.
Attorney Rick Kriseman of Clearwater Florida based Lucas, Green, & Magazine is currently representing numerous plaintiffs around the country for complaints against EDMC and its subsidiary educational institutions.
Common allegations around the country involving the Art Institute include:
Students being told their credits were transferrable
Schools deceptively boasting of 90-100% job placement
Cost of Education not being disclosed to students
Loan Stipulations were not disclosed to students
Some students were enrolled in degree programs they did not choose
Some students were unknowingly switched from full-time to part-time status, enabling EDMC to receive more funding.
Allegations involving the Argosy University Tampa’s Psy-D program include:
Significant increases in student enrollment in the Psy-D program despite nationwide limitations in available internships
Arbitrary and capricious failure of students
Billing discrepancies
According to a sworn statement from a former Professor, Argosy Tampa intentionally failed students so as to free up limited internship slots.
Allegations involving the Seattle Washington based Argosy University’s Psy-D program include the following:
Students were promised the Psy-D program would obtain APA accreditation
Significant increases in student enrollment in the Psy-D program despite nationwide limitations in available internships
Arbitrary and capricious failure of students
Allegations involving South University include:
Lowering of admissions standards in order to increase revenues (according to a former student recruiter)
Failure to disclose to students that some on-line clinic courses would not be accepted by other institutions
Recruiters instructed to redirect potential students’ questions and to encourage students to cheat on admissions test
Allegations involving Brown Mackie College include:
Educational program credits that were not transferable
Programs that were not accredited
Kriseman states “With many students finding themselves with huge debt and either no degree or a degree which is virtually worthless, it is critical that these for profit schools who are taking advantage of these students at a time when they are most vulnerable be held accountable for their actions.”
For more information contact Attorney Rick Kriseman at (727) 499-9900 or email [email protected].