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Oregon AG sues Apollo Group to recover $10M

This May 18, 2010 photo shows appointed Oregon Treasurer Ted Wheeler after defeating state Sen. Rick Metsger in the primary race for the Democratic nomination for treasurer in Portland, Ore. The race for Oregon treasurer is perhaps the state's quietest campaign for one of its least-sexy elected positions. But the power of the treasurer, which grew greatly in the 1960s when Gov. Robert Strauss began investing pension money in the stock market, highlights Oregon's budget problems and two different paths toward its financial future. (AP Photo/The Oregonian, Randy L. Rasmussen)

This May 18, 2010 photo shows appointed Oregon Treasurer Ted Wheeler after defeating state Sen. Rick Metsger in the primary race for the Democratic nomination for treasurer in Portland, Ore. (AP Photo/The Oregonian, Randy L. Rasmussen)A�

The state of Oregon is suing Apollo Group Inc. of Arizona, the parent company of University of Phoenix, to recover $10 million the state claims it lost from misleading financial statements.

Oregon Treasurer Ted Wheeler and Attorney General John Kroger said Monday they have filed a securities fraud lawsuit claiming Apollo Group deceived investors about company revenue between 2007 and 2010.

Wheeler and Kroger said the allegations in the complaint were also the subject of an investigation by the U.S. Securities and Exchange Commission.

The company allegedly did not follow proper steps when dealing with federal student loans, and improperly canceled loans and left students on the hook financially for classes they did not take.

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