Angela Regenos, 46, of Kearney, Nebraska, who plead not guilty to one count of felony theft last month will stand trial commencing January 12, 2009 in Buffalo County District Court. Regenos, who served as the executive director of the Kearney Public Schools Foundation from 1999 until her resignation last summer, is accused of embezzling $577,277 from the group between July 2005 and July 2008. Prosecutors believe she stole "substantial" amounts of money before July 2005, but the statute of limitations prevents them from charging her for that. Regenos faces up to 20 years in prison if convicted. A pending civil complaint filed by the Foundation alleges that Regenos and her husband Marc Regenos used the money to purchase their home, automobiles, a motorcycle and other personal items.
Read the story here and here.
Here is yet another example of a non-profit being exploited by an unscrupulous manager. As stated before, non-profits tend to have lax financial controls and oversight which is no doubt the case here.
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