Wachovia Files Lawsuit Against Owners Of Jet University And Simcenter

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Wachovia Files Lawsuit Against Owners Of Jet University And Simcenter By Mike Mitchell

			January 15, 2010 - Back in May Jet University, a flight training center located in Fort Lauderdale Executive Airport closed its doors due to what the owners, Henry George and Heath Cohen had reported was for financial reasons. The closing affected a total of 126 Jet University Students. The students angry, contacted law enforcement and the news media to express their anger. The students reported that they had paid their tuitions in full prior to the start of class, and had not received full training nor job placement as promised by Jet University.

Students from around the United States and worldwide, enrolled in Jet University with the hopes of one day becoming a commercial pilot flying with the airlines. Students reported they were taken in by the schools pitch. “We are very excited about our Fast Track CRJ200 First Officer Training Program. Our First Officer Training Program is the only Professional Pilot Program to come with a CRJ 200 First Officer Permanent Job Guarantee! This program was developed jointly with our partner airlines to ensure the quality of First Officers they are hiring. By the time you interview with one of our partner airlines, you will already have experienced all of their flight training THREE times to include check rides!” Jet University made their school even more appealing by offering to its students tuition assistance through Wachovia Bank. As a result many students enrolled into Jet University's program and students received guaranteed student aid loans. When the school closed its doors, a number of Jet University students contacted Wachovia Bank to notified the bank that the had closed and they would be unable to pay their loans. As a result of the students concerns Wachovia Bank launched an investigation. It soon became clear to the bank that the students received their student loans under a different company name, Simcenter, Inc. Upon Wachovia Bank completing its internal investigation, the company determined fraud was committed and it involved Jet University and Simcenter, Inc. On December 28, 2009, Wachovia Bank filed a civil lawsuit in Palm Beach County Circuit Court, Florida against Henry George, owner of Simcenter, Inc. and Heath Cohen, owner of Jet University. The lawsuit was filed with the hope of getting back some of that financial aid money given to the students to aid in reducing the students financial obligations to the bank.

Citation: Wachovia Bank alleged during 2007 and through the present, Wachovia Bank conducted an education finance program, wherein loans were provided to prospective students for the purposes of paying their tuition or other education expenses. As part of this program, Wachovia Bank required that the prospective students attend an accredited school or university that was approved by the Department of Education and The Education Resources Institute (TERI), with regard to such loans being guaranteed. Wachovia Bank would provide educational loan money only to schools or universities that were approved to receive educational loans by the Department of Education and TERI.

Simcenter, Inc., was an accredited training school which met the requirements of the Department of Education and the requirements of TERI with regard to being paid tuition monies arising from loans made to students attending this facility. Because of this, Wachovia Bank would approve loan applications submitted by prospective students of this facility. Jet University was never an accredited training facility, which did not meet the requirements of the Department of Education nor TERI. Because of this, Jet University was never eligible to receive tuition money arising from loans made by Wachovia Bank to students attending this facility.

During 2008, several prospective students applied for education loans from Wachovia Bank so they could attend flight training school. The applications submitted to Wachovia Bank on behalf of these students were filled in and completed by these applicants and submitted to Wachovia Bank by Simcenter, Inc. All of the applications submitted to Wachovia Bank were applications to attend Simcenter, Inc. Because of this, Wachovia Bank was led to believe that all of these applicants were students planning to attend Simcenter.

Unbeknownst to Wachovia Bank, Simcenter, Inc. and Jet University agreed that even though applications to attend Simcenter were utilized as above alleged, most of these students would attend Jet University, to obtain their flight training. The Simcenter, Inc. and Jet University further secretly agreed that the tuition monies received from Simcenter, Inc to fund the educational loans would be divided between the Simcenter, Inc. and Jet University. (see full text of Wachovia Bank, National Association VS. Simcenter, Inc., Jet University, Henry George, and Heath Cohen). See Maylan Flight Academy Doors Closed Students Career Dreams Shattered

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