Federal and local agents served search warrants in raids on two campuses of Florida Career College this morning, but no one would explain why the for-profit institution was the subject of investigation, according to the South Florida Sun-Sentinel.
The two campuses, both in the Fort Lauderdale area, were raided by agents of the U.S. Education Department’s Office of Inspector General as well as the Federal Bureau of Investigation and the Broward County Sheriff’s Office. Agents carted away boxes of documents, while stunned students and faculty members looked on. Classes were canceled today, but were expected to resume on Wednesday.
The seven-campus college, which offers degrees and diplomas in information technology and allied health, among other fields, recently saw its majority owner — a private-equity firm called TA Associates — sell its share of the business to two other private-equity firms for about $192-million.
The sum was nearly quadruple what TA Associates paid for its stake in the company in late 2004. In the three years since then, the college has opened three new campuses and raised its enrollment from 2,500 students to 4,000. —Andrew Mytelka
