- Associated Press - Thursday, October 2, 2014

LUBBOCK, Texas (AP) - The president of a for-profit college has been sentenced to two years in prison and ordered to pay restitution of nearly $1 million.

A news release from the U.S. attorney’s office in Dallas on Thursday says 58-year-old Doyle Brent Sheets of Lubbock was sentenced for his role as president of American Commercial Colleges to steal federal financial aid. Two others associated with the college have pleaded guilty in the scheme.

Sheets also was fined $5,000. ACC was fined $1.2 million and faces other penalties.

The release states that ACC stole government funds by converting financial aid money, causing a loss of about $972,794. Sheets acknowledged he knew about the theft but failed to report it.

At one time ACC had campuses in five Texas cities and one in Shreveport, Louisiana.

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