Defendant Name: ITT Educational Services Inc.

Defendant Type: Public Company
SIC Code: 8221
CUSIP: 45068B10

Initial Case Details

Legal Case Name SEC v. ITT Educational Services, Inc., Kevin M. Modany, and Daniel M. Fitzpatrick
First Document Date 12-May-2015
Initial Filing Format Civil Proceeding
Case Number 15-cv-00758
Allegation Type Issuer Reporting and Disclosure
Federal District Court Indiana, Southern District of Indiana

Violations Alleged

Exchange Act
• Sec 10(b) + Rule 10b-5
• Rule 12b-20
• Sec 13(a)
• Rule 13a-1
• Rule 13a-11
• Rule 13a-13
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)
Securities Act
• Sec 17(a) (Not specified)
Other
• Section 13(b)(2) Exchange Act
Additionally, Daniel M. Fitzpatrick is alleged to have aided and abetted ITT Educational Services Inc. 's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Daniel M. Fitzpatrick is alleged to have controlled ITT Educational Services Inc. 's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Kevin M. Modany is alleged to have aided and abetted ITT Educational Services Inc. 's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Kevin M. Modany is alleged to have controlled ITT Educational Services Inc. 's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Daniel M. Fitzpatrick is alleged to have aided and abetted ITT Educational Services Inc. 's violation of Rule 12b-20 of the Exchange Act.
Daniel M. Fitzpatrick is alleged to have controlled ITT Educational Services Inc. 's violation of Rule 12b-20 of the Exchange Act.
Kevin M. Modany is alleged to have aided and abetted ITT Educational Services Inc. 's violation of Rule 12b-20 of the Exchange Act.
Kevin M. Modany is alleged to have controlled ITT Educational Services Inc. 's violation of Rule 12b-20 of the Exchange Act.
Daniel M. Fitzpatrick is alleged to have aided and abetted ITT Educational Services Inc. 's violation of Sec 13(a) of the Exchange Act.
Daniel M. Fitzpatrick is alleged to have controlled ITT Educational Services Inc. 's violation of Sec 13(a) of the Exchange Act.
Kevin M. Modany is alleged to have aided and abetted ITT Educational Services Inc. 's violation of Sec 13(a) of the Exchange Act.
Kevin M. Modany is alleged to have controlled ITT Educational Services Inc. 's violation of Sec 13(a) of the Exchange Act.
Daniel M. Fitzpatrick is alleged to have aided and abetted ITT Educational Services Inc. 's violation of Rule 13a-1 of the Exchange Act.
Daniel M. Fitzpatrick is alleged to have controlled ITT Educational Services Inc. 's violation of Rule 13a-1 of the Exchange Act.
Kevin M. Modany is alleged to have aided and abetted ITT Educational Services Inc. 's violation of Rule 13a-1 of the Exchange Act.
Kevin M. Modany is alleged to have controlled ITT Educational Services Inc. 's violation of Rule 13a-1 of the Exchange Act.
Daniel M. Fitzpatrick is alleged to have aided and abetted ITT Educational Services Inc. 's violation of Rule 13a-11 of the Exchange Act.
Daniel M. Fitzpatrick is alleged to have controlled ITT Educational Services Inc. 's violation of Rule 13a-11 of the Exchange Act.
Kevin M. Modany is alleged to have aided and abetted ITT Educational Services Inc. 's violation of Rule 13a-11 of the Exchange Act.
Kevin M. Modany is alleged to have controlled ITT Educational Services Inc. 's violation of Rule 13a-11 of the Exchange Act.
Daniel M. Fitzpatrick is alleged to have aided and abetted ITT Educational Services Inc. 's violation of Rule 13a-13 of the Exchange Act.
Daniel M. Fitzpatrick is alleged to have controlled ITT Educational Services Inc. 's violation of Rule 13a-13 of the Exchange Act.
Kevin M. Modany is alleged to have aided and abetted ITT Educational Services Inc. 's violation of Rule 13a-13 of the Exchange Act.
Kevin M. Modany is alleged to have controlled ITT Educational Services Inc. 's violation of Rule 13a-13 of the Exchange Act.
Daniel M. Fitzpatrick is alleged to have aided and abetted ITT Educational Services Inc. 's violation of Sec 17(a) (Not specified) of the Securities Act.
Kevin M. Modany is alleged to have aided and abetted ITT Educational Services Inc. 's violation of Sec 17(a) (Not specified) of the Securities Act.
Daniel M. Fitzpatrick is alleged to have aided and abetted ITT Educational Services Inc. 's violation of Section 13(b)(2) Exchange Act.
Daniel M. Fitzpatrick is alleged to have controlled ITT Educational Services Inc. 's violation of Section 13(b)(2) Exchange Act.
Kevin M. Modany is alleged to have aided and abetted ITT Educational Services Inc. 's violation of Section 13(b)(2) Exchange Act.
Kevin M. Modany is alleged to have controlled ITT Educational Services Inc. 's violation of Section 13(b)(2) Exchange Act.

Resolutions

First Resolution Date 30-Jun-2017

Related Documents:

2015-86 12-May-2015 Press Release--Civil Action
SEC Announces Fraud Charges Against ITT Educational Services
On May 12, 2015, the SEC announced fraud charges against ITT Educational Services Inc., its CEO, and its CFO. The SEC alleges that "the national operator of for-profit colleges and the two executives fraudulently concealed from ITT's investors the poor performance and looming financial impact of two student loan programs that ITT financially guaranteed."
comp-pr2015-86 12-May-2015 Complaint
Complaint
On May 12, 2015, the SEC brought fraud charges against ITT Educational Services, Inc., its CEO Kevin Modany, and its CFO Daniel Fitzpatrick, alleging that the defendants fraudulently concealed from ITT's investors the poor performance of two student loan programs that ITT financially guaranteed.
LR-23259 13-May-2015 Litigation Release
SEC Announces Fraud Charges Against ITT Educational Services
On May 13, 2015, the SEC announced that on May 12, 2015, it SEC filed fraud charges against ITT Educational Services, Inc., its CEO Kevin Modany, and its CFO Daniel Fitzpatrick. According to the SEC: "the national operator of for-profit colleges and the two executives fraudulently concealed from ITT's investors the poor performance and looming financial impact of two student loan programs that ITT financially guaranteed."
ITT-SEC-settle-6-30-17 30-Jun-2017 Court Docket Document
Final Judgment As To Defendant ITT Educational Services, Inc.
According to the SEC: " "The Securities and Exchange Commission having filed a Complaint against ITT Educational Services, Inc. ("ITT") in the United States District Court for the Southern District of Indiana (the "District Court"), and ITT and its debtor affiliates subsequently having commenced voluntary proceedings pursuant to chapter 7 of title 11 of the United States Code (the "Bankruptcy Cases"), in the United States Bankruptcy Court for the Southern District of Indiana (the "Bankruptcy Court") on September 16, 2016 (the "Petition Date"), the Bankruptcy Cases having been procedurally consolidated under Bankruptcy Case No. 16-07207-JMC-7A"
court_doc306_15-cv-00758 08-Jun-2018 Complaint
Amended Complaint
On June 8, 2018, the SEC filed an amended complaint alleging: "ITT Educational Services, Inc. ("ITT"), an operator of for-profit colleges, its chief executive officer Kevin M. Modany, and its chief financial officer Daniel M. Fitzpatrick (collectively, the "Defendants"), engaged in a fraudulent scheme and course of business and made various false and misleading statements and omissions to defraud ITT's investors by concealing the extraordinary failure of two off-balance sheet student loan programs, and the looming effect of that failure on ITT's financial condition."

Other Defendants in Action:

Daniel M. Fitzpatrick
Kevin M. Modany

Related Actions:

In the Matter of Kevin M. Modany, CPA
Kevin M. Modany, CPA
In the Matter of Daniel M. Fitzpatrick, CPA
Daniel M. Fitzpatrick, CPA