California: Charter Leaders Charged with Breaking Securities Law; No Criminal Charges
As the old saying goes, better to steal a million dollars than to steal a loaf of bread. The former is smart thinking, the latter is a crime.
In Livermore, California, the leaders of a charter chain were charged with securities fraud. But they got off without any criminal charges or jail time.
When you read this story, you realize what clever guys they were to figure out such a complex scheme. You have to be an accountant to follow the money.
The U.S. Securities and Exchange Commission has charged former CEO of the Tri-Valley Learning Corporation, Bill Batchelor, with allegedly misleading investors when acquiring a $25 million bond for Livermore charter schools.
Batchelor and John Zukoski, the former director of finance for the schools, were charged with a violation of the antifraud provision of the Securities Act of 1933. They were accused of helping prepare and sign a bond-offering document of $25.54 million to fund the purchase and renovation of a Livermore building to house two CONTINUE READING: California: Charter Leaders Charged with Breaking Securities Law; No Criminal Charges | Diane Ravitch's blog