HCI executive sells shore home for $3M
Wednesday, September 21, 2005
By JEANNE RIDGWAY
Marlton resident Harrison Commisso, CEO of beleaguered Harrison Career Institute, has sold his shore home.
The corporate headquarters of the 13-campus private vocational school is also on the market.
On Sept. 9, Commisso and his wife, Lynne, sold their shore home for $3 million. The five-bedroom, 5 1/2-bathroom house is in Longport near Atlantic City.
HCI is also selling its 9-month-old corporate office building at 1605 Evesham Road, Voorhees. The two-story, 20,500-square-foot property is listed for $3.3 million with Cherry Hill commercial real estate broker Markeim Chalmers.
Commisso was not immediately available for comment about the sale of his shore home and whether it is connected to HCI's troubles.
HCI's problems began on Aug. 18, when the U.S. Department of Education issued an "emergency action" against the school, fining it $3.64 million and suspending it from participation in student aid programs. The department says the company misused federal student funds.
HCI is appealing the administrative action next week in Philadelphia.
On Sept. 15, federal agents raided HCI's offices at the Voorhees corporate building and at school locations in Deptford, Philadelphia, and Kingston, Pa. Agents from the FBI and the Department of Education confiscated computer hard drives and files.
Agents also searched Legal Medical Staffing, which occupies space in HCI's Evesham Road building. LMS places legal, health-care and dental workers in temporary jobs.
About 1,800 students attend HCI's 13 schools in four states, including campuses in Delran, Deptford, Vineland and Center City Philadelphia.
In the 2003-2004 school year alone, HCI students received $10.78 million in Pell grants and $15.4 million in Direct Loan funds.
Reach Jeanne Ridgway at (856) 486-2479 or jridgway@courierpost online.com
Harrison Career Institute, a private vocational school, is appealing the decision by the U.S. Department of Education to fine the school $3.64 million and suspend its participation in federal student aid programs. Hearings are set for Sept. 28, 29 and 30 at the U.S. Tax Court, U.S. Custom House, 200 Chestnut St., Philadelphia.
Franklinville, New Jersey