Updated 01/27/2013 05:34 PM
Man arrested for stealing from charter school fund
ALBANY, N.Y. -- The Brighter Choice Foundation is speaking out after its former Chief Operating Officer is accused of stealing more than $200,000 from the organization.
Ronald Racela was arrested by city detectives Wednesday. He faces felony counts of falsifying business records and grand larceny.
Police say Racela was on probation for stealing in excess of $3,000 while he was a manager of Key Bank back in 2009.
Brighter Choice, which provides funding for area charter schools, says they did not know Racela was on probation. The foundation says as soon as they found out about a misappropriation of funds, they hired an outside fraud investigator.
In a statement, they said, “The moment the fraud investigator confirmed our suspicion, we contacted local law enforcement and filed criminal charges against the former employee. BCF has worked hand-in-hand with law enforcement to ensure any and all information has been uncovered. This is a sad episode and we have been working hand in hand with law enforcement to see that this matter is prosecuted to the fullest extent of the law.”