https://variety.com/2016/film/news/ryan-kavanaugh-relativity-ponzi-scheme-colbeck-capital-1201727302/
https://deadline.com/2016/01/relativity-joseph-nicholas-unsecured-creditors-500m-fraud-case-colbeck-capital-1201686006/
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"Despite being implicated in what Variety called a "Ponzi scheme" only three years earlier, Colbeck Capital's shell non-profit was able to get approval from the US Department of Education to acquire the schools."
https://www.highereducationinquirer.org/2021/12/the-colbeck-scandal.html