SALT LAKE CITY, Utah, March 6, 2023 (Gephardt Daily) — A former accountant for multiple Utah charter school has been indicted for allegedly stealing $2.5 million dollars.
The United States Attorney’s Office, District of Utah, released a statement saying 39-year-old Cole Arnold, of Kaysville, provided services for several charter schools through his position at Academica West Services.
The schools he allegedly stole from are North Davis Preparatory Academy, in Layton, and from Ascent Academies, which has campuses Farmington, Lehi, Saratoga Springs, West Jordan and West Valley City.
The indictment says Arnold stole $2,563,348.23 between August of 2017 and June of last year, and he used the money “for his own personal gain and the benefit of his family, including paying for cosmetic surgeries for his wife.”
According to the indictment, “Arnold’s fraudulent activity included: creating false invoices, bills and credit card statements claiming fees for school supplies, teacher salaries, and other fictitious line-item expenses, for the purpose of generating payments to credit cards controlled by himself; creating false computer journal entries claiming a variety of school related expenses; passing fraudulently obtained money through Venmo and a bank account in the name of Upper Limit Innovation, a registered Utah business that Arnold was a co-owner and registered agent of, to transfer the fraudulently obtained money.
“The stolen charter school funds were used by Cole for travel, concerts, cosmetic surgeries, home improvements, jewelry, furniture, electronics, and other personal expenses.”
Arnold is charged with 10 counts of wire fraud, and five counts of money laundering. He is scheduled for his initial court appearance at 1 p.m. March 30, 2023, before a U.S. Magistrate Judge at the Orrin G. Hatch United States District Courthouse in Salt Lake City.
U.S. Attorney Trina A. Higgins for the District of Utah made the announcement.
The case is being investigated by the FBI Salt Lake Financial Crimes Task Force, which includes IRS-CI, Layton Police Department and the FBI. Assistant U.S. Attorney, Jennifer K. Muyskens, for the District of Utah is prosecuting the case.
