What happened:
In 2005 Trump opened Trump University, a for-profit but non-accredited school where he would bestow his industry expertise upon the masses — aka anyone who forked over $35,000. That same year, he licensed his name to an affiliate program called the Trump Institute.
In 2010, four students sued the "university" for "offering classes that amounted to extended 'infomercials,' 'selling non-accredited products,' and 'taking advantage of these troubled economic times to prey on consumer's fears.'"
The "university" then changed its name to "The Trump Entrepreneur Initiative."
And in 2013, the New York Attorney General Eric Schneiderman sued Trump and Trump University for allegedly defrauding students.
The business officially ended operations in 2011.
Trump compared his ideas to Einstein's in the "Trump University Entrepreneurship 101" official book:
"Albert Einstein believed that a 'Theory of Everything' in physics unified the four primal forces of nature: gravity, strong nuclear force, weak nuclear force, and electromagnetic force. Our unifying theory for sustainable success in business is so much simpler. [...] The Customer Is Everything!"
What Trump said about Trump University:
"I went to the Wharton School of Finance... I have a great feeling for education and for knowledge and learning… I love the idea of helping people, because I’ve had a lot of experience with real estate, to put it mildly."
Source: The New York Times