Argosy University has failed to distribute more than $9 million in financial aid to its students, a court-appointed receiver told The Arizona Republic, and it’s unclear where the money is.

The nonprofit Dream Center Education Holdings in 2017 acquired the Argosy chain from the for-profit Educational Management Corporation, as well as the company’s Art Institutes and South University chains. Dream Center converted those institutions into nonprofits.

Since then Dream Center, a Los Angeles-based religious organization, has struggled to keep the chains viable. Last month a federal court appointed a receiver for the campuses. And Dream Center has moved to… (continue reading)