A former board member of a charter school district in Orange County arrested on suspicion of stealing $750,000 from the district’s account appeared in court Thursday.
Jeremy Landau, 43, of Sherman Oaks, has been charged with 16 felony counts in the case and could face up to 14 years and eight months is state prison if convicted, according to the Orange County District Attorney’s Office.
Landau allegedly used his position on the board of directors for California Virtual Education Partners to convince the other members to give him $750,000 from CAVEP’s account on the promise of a $3 million return donation in January 2014, the DA’s office stated.
Landau allegedly laundered the money by moving it between various accounts and failed to repay any of the $750,000 to CAVEP, an Orange-County based charter school district that operates five online charter schools in California.
He was arrested Monday, after a private investigator hired by CAVEP presented their case to the DA’s office.
Landau was being held on $750,000 bail in what was described by the DA’s office as the largest charter school theft in California history.
In a statement, school district Superintendent Jessica Anderson said the funds stolen were “not for classroom operations and will have no impact on our services.” She added that California Virtual Education Partners was working with the DA’s office.
“In the aftermath of this incident, our board of directors resigned last year and new members with greater financial and operational expertise were appointed,” Anderson said. “We have also enacted new financial controls and procedures to ensure such an incident can never be repeated.”