Charter school principal pleads not guilty of stealing $1.4 million in 1 year to play stock market

Hannah Bell

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Sat Oct-16-10 05:40 AM
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Charter school principal pleads not guilty of stealing $1.4 million in 1 year to play stock market

Edited on Sat Oct-16-10 05:41 AM by Hannah Bell

LOS ANGELES�The former principal of a Los Angeles-area charter school once honored as a "champion of children" pleaded not guilty Friday to charges that he embezzled $1.4 million in school funds to trade on the stock market, the District Attorney's Office said.

Edward P. Fiszer, who formerly headed NEW Academy Canoga Park in the San Fernando Valley, was arraigned on a 31-count indictment charging him with theft by embezzlement of public funds, forgery, theft by a public officer, plus 26 counts of money laundering and two counts of state tax fraud.

Los Angeles police officers arrested Fiszer, 40, two weeks ago in West Windsor, N.J., and returned him to Los Angeles, where he is being held on $1.4 million bail.

Fiszer, who was fired in November 2009 after the alleged theft was discovered, is charged with using school funds to purchase nearly two dozen cashier's checks between 2008 and 2009 and depositing them in a stock trading account, said Deputy District Attorney Dan Baker.

http://www.mercurynews.com/breaking-news/ci_16348776

What kind of weak fiscal controls do these places have when the principal of a single school can access a million dollars by just writing himself a check?

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Turbineguy

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Sat Oct-16-10 05:43 AM
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1. Wall Street needs more guys like this.

It's the kind of stuff bonuses are made of.

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xchrom

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Sat Oct-16-10 05:47 AM
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2. Recommend

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Kolesar

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Sat Oct-16-10 06:36 AM
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3. Belongs in PMITA prison...eom

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Starry Messenger

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Sat Oct-16-10 08:33 AM
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4. No one could have seen this coming!

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fascisthunter

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Sat Oct-16-10 08:43 AM
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5. charters= schools are essential to improving education

maybe the parents should pay attention, because right now they are being schooled in a detrimental fashion. It's a scam...

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Hannah Bell

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Sat Oct-16-10 02:32 PM
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6. k: A PRINCIPAL. In public schools, principals don't control the checkbook.

Edited on Sat Oct-16-10 02:33 PM by Hannah Bell

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Gabi Hayes

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Sat Oct-16-10 02:55 PM
Response to Reply #6

7. you're so pre-millenial. get with the program!

Edited on Sat Oct-16-10 02:56 PM by Gabi Hayes

''what's good for GM is good for america.''

you remember that, yes?

I'm sure O and Arne's PR boys are devising an update as we speak.

top down, from Laffer to Rhee, is the way to go, doncha know?

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