Former For-Profit Execs Settle Fraud Case

July 9, 2018

Two former senior executives of ITT Educational Services Inc., a for-profit university, agreed to settlements with the Securities and Exchange Commission, the SEC announced Friday.

The SEC alleges that Kevin Modany, the former CEO, and Daniel Fitzpatrick, the former CFO, fraudulently concealed the financial condition of ITT from investors. The company settled fraud charges with the SEC for similar behavior in 2015.

Modany and Fitzpatrick are both barred from holding senior positions at public companies for at least five years and must pay fines of $200,000 and $100,000, respectively. They agreed to the settlements without admitting to or denying any wrongdoing.

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