Search Our Site

Before the US Senate investigation, Rob MacArthur virtually alone crusaded against a massive government-supported corporate scam in our college system. It wasn’t that for-profit education was inherently wrong; it was the way it was funded and regulated that led to wholesale abuse and the financial ruin of so many aspiring students… leaving us taxpayers on a trillion dollar hook. Online Education Fraud: The Diary of a Short Seller is the story of a little known stock analyst who embarked on more than a decade of foreign research and advocacy, taking on and exposing the greed of an industry and the corruption of Washington. His only ally was the truth.

Parker Quillen, former hedge fund manager.



The term ‘equity analyst’ covers a wide spectrum of rigor relating to research, insights, and due diligence. A great analyst comes at almost issue with a healthy dose of skepticism but knows there will be leap of faith moment where the cost (time and otherwise) of incremental information is challenging. The best analyst will selectively go that extra distance in situations where the range of outcomes warrants the investment in additional research. The there is Rob. Until he could personally verify and triangulate a data point, it was nothing more than someone’s thesis. There are no leaps of faith moments because facts can be verified and outputs can be measured, personally! I have had the pleasure of working with and for some of the best in the business but the standard that Rob held himself to, was simply another league.

–Rick Shea, President of Vardon Capital, LLC.



Rob MacArthur’s book EDs an excellent job of saying things that our government should be saying, but will not do so due to the power of campaign contributions. These for-profit organizations are stealing billions of dollars per year rom taxpayers and are ruining the lives of tens of thousands of individuals who are stuck with non-dischargeable student loans for the rest of their lives. The government needs to: (a) fully support recovery of the stolen billions of taxpayer’s dollars; (b) permanently debar the corporate entities and their individual executives from ever again engaging in work paid for with Higher Education Act Title IV funds.

–Dan Bartley, Attorney at Law.



During the 1990’s many managers invested in rapidly growing companies with accelerating earnings and price momentum. The for-profit sector displayed those traits. However, after CLCX, and throughout the 2000’s momentum managers realized the for-profit sector’s earnings were based on false information and bad business practices. Rob was way out in front of that inflection, making a lot of money for his clients.

–Steven R. McNally President, SRM Capital Management.


MacArthur’s knowledge and scrutiny of the for-profit education sector are boundless. Neither the companies, nor the regulators escape his critique. The book outlines the tactics that public companies deployed over 15 years. MacArthur followed money through FOIA requests, government reports and lawsuits. Using shoe-leather reporting, he reads between the lines providing an example for investigative journalists to follow.

–Chris Nolter, Senior Writer The Deal.



Opens Your Eyes to the Fraud in Distance Education: I was quite surprised not to see any reviews of this book. Every administrator of every higher education institution should read this book. It details the fraud in a number of for-profit online educational institutions, as discovered by a "short seller." Frankly, it baffles me that people are able to make money by a "sell high, buy low" strategy. Anyhow, as subtitled, this is largely a "diary of a short seller." Apparently, the author did his best to alert officials, in federal agencies and law enforcement agencies when he discovered wrong-doing for his clients. These obvious transgressions by these institutions went undeterred for a period of time, until finally some agencies awoke and did something. Nonetheless, today there are a growing number of higher education institutions that are jumping wholeheartedly into the online education game, and frankly many of these are pushing some of the very schemes that got some for-profits into trouble with the legal system. In many institutions even tenured faculty who have been offered carrots to develop online classes, are seeing their works being taken over by a large bureaucracy developed specifically for an online branch of their institution. The author has pulled the covers off these fraudulent practices for educators and the public to see. It needs to be read. The reason I only gave four stars to this review is because of the organizational style. It really reads more like a series of diary entries than a well-organized story. Nonetheless, I recommend everyone in higher education read this book, NOT to learn how to commit fraud in online education, but to prevent it from happening at your own institution.

–Harold A. Geller[1]


[1] This testimonial was found on Amazon.