American Commercial Colleges president, associates plead guilty to federal charges
The president of American Commercial Colleges, Inc., Doyle Brent Sheets, appeared Thursday morning in federal court in Lubbock, before U.S. District Judge Sam R. Cummings, and pleaded guilty personally, and on behalf of ACC, to federal charges.
Two others associated with ACC have also been charged with federal offenses, according to a news release from the U.S Department of Justice. Bruce Alan Reed, 64, of San Angelo, who served as the Campus Director for ACC’s San Angelo campus is charged with one count of misprision of a felony. Michael James Otto, 61, of Lubbock, who served as the Chief Operating Officer and Campus Director for ACC’s Lubbock campus, is charged with the same offense.
Sheets, 58, of Lubbock, pleaded guilty to one count of misprision of a felony. He faces a maximum statutory penalty of three years in federal prison and a $250,000 fine. Authorized by corporate resolution, Sheets pleaded guilty to one count of theft of government funds and aiding and abetting, on behalf of ACC. ACC faces a maximum statutory penalty of five years’ probation, a $500,000 fine, or up to twice the gross gain or loss resulting from the offense. Judge Cummings ordered presentence investigation reports with sentencing dates to be set following the completion of those reports.
According to Sheets’ plea agreement with the government, ACC stole government funds by converting Federal Student Aid program funds, and thus caused a loss to the government of approximately $972,794. Sheets admitted that he knew about the theft but did not report it and he agreed that he would be personally, individually, jointly and severally liable for the total loss amount.
More at http://www.gosanangelo.com/news/2014/may/22/american-commercial-colleges-president-associates/ .
[font color=green]ACC is a proprietary institution with corporate office in Lubbock. At one time, ACC operated five campuses in Texas — Lubbock, Abilene, Odessa, San Angelo and Wichita Falls — and one in Shreveport, Louisiana.[/font]