Student loans, and the debt burdening many students at graduation, is an important political topic. It is not generally a subject for the Securities and Exchange Commission. Nevertheless, at the center of is most recent enforcement action is an educational institution that was forced to restate its financial statements as a result of delinquent pools of student loans it held off the books but which had been guaranteed. SEC v. ITT Educational Services, Inc., Civil Action No. 15-cv-00758 (S.D. Ind. Filed May 12, 2015). Named as defendants are: ITT Educational, a higher education company with over 50,000 student whose shares are trade on the NYSE; Kevin Modany as ITT's CEO; and Daniel Fitzpatrick, the firm's CFO. Most of ITT's revenue is generated by tuition. Students generally pay that tuition with federal and state student loans. Historically students relied on traditional private education loans.