I'm no defender of for-profit schools; I've worked at two (in academics, not FA or recruiting) and I'm still plagued by worries about my role in burdening these students with debt they can't manage. I don't think, however, that this is accurate. I don't think you'll find many, if any, schools that tout certification for a field for which their graduates would be ineligible. That's bad business and these schools are, generally, good at business. They're just atrocious at education. A more likely problem is that of the small percentage of students who graduate, an even smaller percentage will be able to pass their external certification exams.
These two quotations from this article are as important in understanding how these schools hurt students:
"Another shrewd practice is that students at many for-profit schools are required to sign binding arbitration clauses when they enroll. Later, students who feel they have been cheated find they cannot sue in the courts, but must use an arbitration system where the school chooses the arbiters and rulings are not made public.
"On top of that, many for-profit schools provide degrees that employers view as worthless."