Trouble continues to mount for former online university behemoth.

The Daily Beast reports:

Death of a Diploma Mill: University of Phoenix Going Down in Flames?

A phoenix is a bird that rises from the ashes, but the University of Phoenix is a diploma mill that may soon go down in flames.

On Wednesday, University of Phoenix’s parent company Apollo Education Group announced that the business and marketing practices of the for-profit school are now under investigation by the Federal Trade Commission (FTC). CNNMoney reports that Apollo will “cooperate fully” with the FTC investigation, which requires them to provide the federal agency with documents on their finances, marketing, accreditation, and military recruitment practices from the last four years.

Apollo’s stock (APOL) predictably took a nosedive following the announcement.

For the University of Phoenix, which is the largest for-profit higher education institution in the U.S. with an emphasis on online programs, a federal investigation is the latest in a long series of disasters that could topple a once-thriving enterprise.

With this latest investigation, University of Phoenix is under particular scrutiny for recruiting veterans. The Associated Press reports that the school’s online program has collected over $488 million in tuition and fees from veterans, not including the hundreds of millions in GI Bill money that individual campuses have collected. Over the last several years, the school has come under fire for allegedly soaking up this GI money while leaving veterans strapped with debt.