MELBOURNE, Nov 23 - RMIT University on Thursday said the School of Economics, Finance and Marketing academics have been dismissed following an independent audit by PricewaterhouseCoopers.
Students were told to buy $50 e-books written by their lecturers as part of the scheme.
RMIT's pro vice-chancellor of business Professor Ian Palmer said the academics were sacked on Wednesday after they breached the university's conflict of interest policy.
"In light of the external investigation, RMIT has taken disciplinary action against the four academics and their employment ceased yesterday," Palmer said on Thursday.
"RMIT will offer to reimburse affected students for the costs incurred in purchasing e-books in order to access compulsory online quizzes."
Palmer said no students had been academically disadvantaged in the scheme.
The academics were stood down with full pay in September and at the time student Adam Yehia said RMIT's introductory Business Finance course had a "reputation amongst students for gouging them".
Yehia said on Thursday that students had been treated unfairly, and most of them had dropped the course.
"I was doing one of the subjects but I decided to defer just because I really didn't like them changing the course structure, assessments and course guide in the middle of semester," he said.
It is understood the academics were lecturers, and students in some business subjects had to complete the assessments via the e-book company website owned by one or more of the lecturers.
The books could not be resold, transferred to another student, or shared.
The National Union of Students in September described the lecturers' conduct as a "breach of the trust between student and teacher".