As part of a 2022 settlement agreement with the U.S. Departments of Justice and Education over allegations that he improperly influenced the now-defunct Stone Academy’s student loan default rate, Mark Scheinberg agreed to retire within five years from Goodwin University, which he founded, and the University of Bridgeport. There’s still time before that 2027 deadline […]
As part of a 2022 settlement agreement with the U.S. Departments of Justice and Education over allegations that he improperly influenced the now-defunct Stone Academy’s student loan default rate, Mark Scheinberg agreed to retire within five years from Goodwin University, which he founded, and the University of Bridgeport.
There’s still time before that 2027 deadline hits, but Scheinberg said he continues to weigh his future options, and will almost certainly stay on in some capacity at Goodwin, which he still leads as president.
“I have another two, three years to decide what I’m going to do,” Scheinberg said in a recent interview with the Hartford Business Journal. “I’m intrigued about the idea of looking at a post-presidency that has me deeply involved with creating programs, or perhaps involved with workforce development, which I’ve done well all these years.”
He added: “I love what I do. I mostly love the impact it has on students. I know that I transform lives through what I’ve been able to do and what I’ve been able to accomplish, and I’d like to continue doing that, and the way in which I’m going to do that, I just haven’t … thought about deeply enough yet. I’m not going anywhere.”
According to the Department of Justice, Scheinberg, now 68, in 2022 agreed to pay more than $1 million to resolve allegations that he violated the federal False Claims Act by concealing 154 payments he made to loan servicers on behalf of 102 Stone Academy students in attempts to prevent those students from defaulting on their loans. That falsely lowered Stone Academy’s student loan default rate — a key metric used by the government to determine a school’s eligibility for federal student loan and grant programs.
In addition, the DOJ said Scheinberg entered into an administrative agreement with the DOE that “governs Scheinberg’s agreed-to retirement from Goodwin University and the University of Bridgeport.”
Goodwin University acquired the University of Bridgeport in 2021.
He also agreed to divest his ownership stake and cease involvement in Stone Academy — a private, for-profit nursing school — and another for-profit school, the Paier College of Art.
Both institutions have faced significant issues over the past few years.
Stone Academy abruptly closed its three campuses in East Hartford, Waterbury and West Haven in February 2023 amid financial and other issues. Months later, Attorney General William Tong sued Stone Academy, Paier College, and their owner Joseph Bierbaum, alleging violations of the Connecticut Unfair Trade Practices Act.
It was reported earlier this month that Paier College will not open for its fall semester after being denied certification renewal from the state Office of Higher Education for failing to comply with approval standards.
