- Associated Press - Tuesday, May 19, 2015

SAN FRANCISCO (AP) - A for-profit college company that has been ordered to stop enrolling students with GI Bill benefits at its 15 California campuses says the action is unfortunate and unwarranted.

The California Department of Veterans Affairs temporarily suspended ITT Educational Services last week. State officials said they took the action because the Indiana-based chain had failed to submit audited statements to federal regulators demonstrating its financial stability.

But company spokeswoman Nicole Elam disputed the claim, saying in an email that the schools were up-to-date with their accreditation requirements.

Elam also criticized Veterans Affairs for citing a recent ITT shareholders notice as justification for the move. She says the notice about the departure of two top executives was insufficient for the state to conclude the colleges are unstable.

Department spokesman Paul Sullivan says ITT has until mid-July to demonstrate its compliance.

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