Ohio Man Charged With Embezzling At Least $470K From Charter Schools

Carl W. Shye, Jr., 57, of New Albany, Ohio, has been charged with embezzling more than $470,000 from at least 4 charter schools for which he had served as treasurer.  According to authorities, over a period of about 6 years, from 2005 through 2011, Shye made cash withdrawals from the George Washington Carver Preparatory Academy, Legacy Academy for Leaders and the Arts, NuBethel Center of Excellence and New City Community School.  Each of these schools have been closed due to academic or financial failings, according to press reports.

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Read the story here and here.

Update (6/21/12): Shye has pleaded guilty and agreed to pay restitution of $672,000.

Update (10/31/12): Shye was sentenced to 24 months in prison and ordered to pay $472,579.90  in restitution.