American Commercial Colleges charged with Theft of Public Money - WAFF-TV: News, Weather and Sports for Huntsville, AL

American Commercial Colleges charged with Theft of Public Money

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American Commercial Colleges, Inc. and its president, Doyle Sheets, are now facing federal charges.

Agents raided the Lubbock campus back in November of 2011.

Now, authorities say the college was not in compliance with rules governing Federal Student Aid. The college cannot receive more than 90 percent of it's revenue from the student aid program.

But authorities say that between 2007 and 2009, college employees had students obtain short-term loans from a private bank, to make it look like they were in compliance. Investigators say the college then repaid the loans with federal aid money, amounting to $972,794.70.

The college is now charged with Theft of Public Money and Aiding and Abetting.

Its president, Mr. Sheets, is also accused of knowing this was happening and not reporting it. The official charge is called Misprision of a Felony.

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