Todd Nelson heads for-profit colleges. As head of the University of Phoenix, he “signed a $9.8 million settlement with the Department of Education, which had found that Phoenix had ‘systematically and intentionally’ violated federal rules against paying recruiters for students.”

Competitor Education Management Corporation snapped Nelson right up, and now he’s overseeing a similar federal and state lawsuit which, one amazed observer notes, “spans the entire company — from the ground level in over 100 separate institutions up to the most senior management — and accounts for nearly all the revenues the company has realized since 2003.” The suit wants $11 billion in state and federal financial aid back from Nelson’s ed biz. Wow.

What’s next for this financial genius? He led Phoenix through a loss of almost ten million dollars; Education Management will certainly settle for around… let’s say one billion. Time to jump to Kaplan, where he can maybe work his magic on even bigger numbers.

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