U.S. Said to Probe Alleged Leak of For-Profit College Rules
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The U.S. Education Department will investigate whether Wall Street investors had advance knowledge of proposed for-profit college rules that the agency released last year, according to a person briefed on the matter.
The probe by the department’s Office of the Inspector General will focus on whether short-sellers, who look to profit when stock prices fall, found out about the draft regulations before they were publicly announced, said the person, who declined to be identified. The rulemaking process itself won’t be investigated, the person said.