Sidebar from the Contra Costa Times/LA Daily News Story describing “mishandling” of funds.
LAUSD: Misuse of money
An LAUSD audit of New Academy Charter in Canoga Park identified the misappropriation of $1.7 million in public money and an additional $1 million of questioned costs between July 1, 2007, and Nov. 30, 2009.
The findings include:
•The withdrawal of nearly $1.1 million by former Principal Edward Fiszer, who used cashier's checks deposited to his personal Ameritrade investment account.
•$106,350 from the Los Angeles County Office of Education that was untraceable to any of New Academy accounts.
•$55,500 from LAUSD that was untraceable to any of New Academy accounts.
•$382,000 in "unsupported expenditures."
•$142,000 in cashier's checks drawn from New Academy's general fund without adequate support.
•$400,000 for professional services/consultants without a valid contract.
Source: Office of the Inspector General