In case you missed it, this story on the $3 Million in fraud and mismanagement accusations leveled at the principal of a San Fernando Valley charter school, New Academy Canoga Park Elementary School, is a doozy. It seems that the man allegedly deposited more than $1 million in his own investment account, misplaced a million or so, and spent the rest on questionable items and phony expenses.
KPCC’s Adolfo Guzman Lopez has an audio version of the story.
And the LA Times’ Howard Blume reported on the jaw-dropping story as well.
Here’s a representative clip:
Among their findings, auditors contend that the school’s former principal, who isn’t named in the audit, withdrew cashier’s checks totaling $1,073,700 from school accounts to deposit in an investment account between July 1, 2007, and Sept. 30, 2009.
“The former principal claimed that funds deposited into his personal Ameritrade account were not withdrawn, but were deposited and repeatedly lost,” the auditors wrote.