Milwaukee Public Schools was the target of a bank impersonation fraud where a suspect or suspects stole around $450,000.
According to a letter from district to finance team members, MSP has notified authorities including the FBI, Wisconsin Statewide Intelligence Center and the Milwaukee Police Department, as well as notifying its Office of Accountability and Efficiency.
The district said that of the approximately $450,000 lost, around $255,000 has been recovered by US Bank and they are working to recover the remaining $195,000.
MPS said it is also conducting its own internal investigation and implementing short-term and long-term controls to protect the district.
Jennifer Buros will serve as the acting chief financial officer during the investigation. She previously served as the deputy CFO. She'll be assisted by Charles Burbridge through the work with Council of the Great City Schools, which supports the country's largest urban school districts.
“This is a sobering reminder of the sophisticated financial scams that occur every day across the country. We are taking swift and immediate action to strengthen our internal procedures to prevent this from happening. We also are working with our partners at US Bank to recover the remainder of the funds. We are grateful to our partners in federal, state, and local law enforcement for their work to investigate this matter and to hold those responsible accountable,” Superintendent Brenda Cassellius said.
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