A determined scam artist who operates a trade school to make money, not educate students, can outmaneuver state and federal regulators with ease. That seems to be the message of an article in today’s New York Times that describes the decade-long operation of a business-training institute that repeatedly ran afoul of student-aid and other rules, yet somehow managed to stay in business.

When its loan-default rate went through the roof and the institute lost its accreditation, it simply changed its name and reopened, with the same teachers and students. Sometimes it even filled out federal loan applications for its students but used the names of other institutions, including the University of Iowa and the University of Phoenix. Regulators seeking to pull the plug were stymied. The institute is now closed, but New York officials say they’re still out $2-million in illegally obtained student aid. —Andrew Mytelka