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The founder of the Grand Traverse Academy in Michiganfor misappropriating $3.5 million of the school’s funds.
His attorney explained that it was a loan to pay off his taxes.
Attorney testifies Steven Ingersoll was aware in May 2013 of federal tax investigation when he told the Grand Traverse Academy board he could not pay his $3.5 million dollar Academy debt…and his taxes!
Meg Hackett, a Grand Rapids attorney representing the Grand Traverse Academy board, testified today in Steven Ingersoll’s federal fraud trial that during a May 20, 2013 Academy board meeting, Ingersoll asked the board to characterize his $3.5 million dollar indebtedness to the charter school as a “loan”.
For years, the Grand Traverse Academy had carried Ingersoll’s growing debt on its books, characterizing it variously as either a receivable, a related party receivable or a prepaid expense.
Is this sort of like a public school, where the principal borrows $3.5 million from the school?