http://www.indystar.com/story/news/education/2016/09/04/amid-mounting-concerns-itt-run-charter-school-shut-down/89713090/
In depth analysis. Worth a read. Be glad state boards can act to protect high school kids at least.
Excerpt
"For-profit groups such as ITT are not allowed to open charter schools in Indiana. But, as ITT did, they can help form a nonprofit board. And that nonprofit board can hire a for-profit management company, such as ITT, to run a charter school as a contractor.
ITT attempted to open Early Career Academy locations across the nation. Experts said ITT likely saw charters as a side venture that would be unencumbered by scrutiny heating up over its higher education business.