Under Michigan law, charter school board members are supposed to oversee the finances of their school, maintain independence from their management company and make information available to the public.
In addition, as sworn public officials, charter school board members have a fiduciary responsibility for the assets, finances and investments of the school. Legally required to act in the best interest of another party (taxpayers, in the case of public school academies), board members must determine whether public tax dollars are spent in a good and sensible way.
While there are few precedents for establishing the limits of a board’s liability when organizational funds have been embezzled, it is generally clear that if board members have acted within their fiduciary capacity and have not been grossly negligent in their oversight of the organization’s funds, they cannot be held liable for the stolen funds.
In my opinion, "grossly negligent" is an understatement in this case.
So where's the federal investigation?