The Business of Education: Public Money Funneled to Private Shareholders

Florida investigating 5 for-profit colleges - Yahoo! Finance: "Florida is investigating five private, for-profit colleges to determine if they've engaged in unfair or deceptive practices in recruitment and other areas, the state attorney general's office said Friday.

The office is also looking into whether the colleges misled students about financial aid.

Ryan Wiggins, a spokeswoman for Attorney General Bill McCollum, confirmed Friday his office was conducting a civil investigation.

Wiggins said the investigation began in response to consumer complaints and a federal report that accused some for-profit schools of encouraging fraud and engaging in deceptive marketing practices.

'It's all in its infancy right now,' Wiggins said. She said officials are unsure how long the civil investigation will take.

According to McCollum's office, the colleges being examined are Kaplan Inc. of Alpharetta, Ga.; University of Phoenix Inc. of Arizona; Argosy University of Florida Inc.; Everest College, a subsidiary of Corinthian Colleges Inc. of Santa Ana, Calif., and Medvance Institute Inc., of Miami."