Thursday, January 14, 2010

Trust but verify

I don't know what safeguards they had in place to stop this sort of thing from happening but it apparently didn't work.

Never, ever trust folks completely. Use checks and balances, such as requiring more than one signature for monetary transactions.

An expensive lesson to be learned.

Charter school funds, employee vanish

Leaders of KIPP San Antonio, a branch of one of the most successful charter school programs in the country, are reeling after learning a former employee may have embezzled tens of thousands of dollars from the school district's accounts.

According to KIPP board member Michele Brown, a member of the district's financial operation's team who was working from home last Thursday stopped returning phone calls and e-mail after 12 p.m.

The next morning, one of KIPP's financial institutions contacted officials to alert them to suspicious activity on an account. The employee didn't show up to work Friday and has not been located since.

The rest of the story: