; (3) limits enrollment of students who do not have a secondary school diploma or its recognized equivalent to not more than 50 percent of all students enrolled in the institution; and (4) if the institution offers an education or training program that leads to a certificate, or other nondegree recognized credential and funds available under title IV for students are used for enrollment in such education or program, ensures that such education or program prepares students for gainful employment in a recognized occupation. (e) Limitations based on management An institution shall not be considered to meet the definition of an institution of higher education in subsection (a) or (b) if such institution— (1) the institution, or an affiliate of the institution that has the power, by contract or ownership interest, to direct or cause the direction of the management or policies of the institution, has filed for bankruptcy; or (2) the institution, the institution's owner, the institution's chief executive officer, or any other executive officer of the institution— (A) has been convicted of, or has pled nolo contendere or guilty to, a crime involving the acquisition, use, or expenditure of funds under title IV; (B) has been determined to have committed fraud, substantial misrepresentation, or false certification involving funds under title IV