CEOs Pay Themselves $20M Leaving Students in Massive Debt

When two owners of a massive training provider create a “Collective Exit Strategy Trust” before doors to the program even open up, you can expect that they’re really not that invested in the success of their business, let alone the students they are pretending to serve.

Roger Williams and Aloi Burgess, two of the key shareholders of Global Intellectual Holdings, paid themselves $10M each via dividends and loans to shelf companies before unsuccessfully trying to sell the business. A few months later, this February, Global Intellectual Holdings went bust, closing down the operations of its three training programs: Aspire, Keystone, and Compass colleges.

And Williams and Burgess are in the wind. No former executives of the corporate parent company have been able to contact the shareholders and neighbors have reported that the pair have gone overseas with their families.

So What Have These Two Left Behind?

Recruiters from Global Intellectual Holdings’ marketing arm have come forward admitting that they functioned as “scam artists” in targeting potential students to fund the program. One recruiter reported hiding near Centrelink to offer people he knew would not be able to complete the program and receive a diploma free laptops for signing on to the course.

Why Did Anyone Sign Up For Programs Run By This Business?

The government has set up the VET-FEE-HELP program with the slogan, “Study Now, Pay Later.” As a result, nearly anyone can qualify to do a diploma course that the government will front the money for and students can pay back that loan once they start earning more than $55,000 a year with their new qualifications.

In addition, students are often offered incentives for signing up to the program: free laptops, mobiles, furniture, and even flight vouchers. Which are, of course, not conducive at all to completing a qualification program.

So What’s the Problem?

With Global Intellectual Holdings now closed for business, their three colleges obviously aren’t functioning. But students are still required to pay their enrollment fees even if they will never receive a diploma. And these diplomas weren’t cheap. Average costs are between $15,000-20,000.

What Can Students Do Now?

The bottom line is that students still need their diplomas to qualify for jobs that will allow them to a. live comfortably and b. start paying back those VET-FEE-HELP loans.

This is where National Training comes in. With over a 50% completion rating (compared to the national average that rests around the 3% mark), National Training is the much safer option for getting qualified, getting employed, and doing your job well.

Ian Oliver, CEO of National Training, writes, “We want to help students avoid the get rich quick schemes that have been set up to take advantage of the vulnerable.”

The best part? National Training is running a special on diplomas for only $875. There is no need to take a loan, because you can make reasonable payments on your time.

Get on the right track to kick start or improve your career today with an $875 diploma from National Training.