Attorney General William Tong is filing an amended complaint against Stone Academy, which closed abruptly earlier this year.
According to Tong, the school's business owners reaped the rewards of the school's "unfair and deceptive conduct."
Tong said that revenues "surged" while "exam rates plummeted."
In a statement, Tong says in part, "While Stone students struggled in unheated classrooms without textbooks, experienced teachers, or promised clinical experiences, Stone's own financial records show how Stone's owners hoarded millions of dollars for luxury cars, mansions, and their other businesses. The more we investigate, the more greed and lies we uncover."