}

Wednesday, August 16, 2017

SYMBIOTIC...OR PARASITIC?

In a June 16, 2013 letter to Doug Bishop, an attorney representing the Grand Traverse Academy’s board of directors, Steven Ingersoll sidestepped any discussion on his embezzlement misappropriation of public money, sternly reminding Bishop that “the financial relationship between the Grand Traverse Academy and Smart Schools Management has been symbiotic from the inception of the Academy”. 

Ingersoll's 2013 commentary confirmed that the Academy had so far insinuated itself into a position of interdependence with his privately-owned management company that blurred lines were consistently crossed. 

And now we know those lines were likely criminal, including a conspiracy to violate a general fund minimum balance bond covenant by inflating the Grand Traverse Academy's financial position. The Grand Traverse Academy's board of directors were ultimately responsible for falsified reports that covered-up Steven Ingersoll's embezzlement misappropriation of nearly $5.0 million.



Aided by the Traverse City charter school's board of directors, who knew definitively after a March 20, 2013 meeting with two Thrun law firm attorneys, former superintendent Kaye Mentley and then-president Mark Noss that Ingersoll owed the school at least $3.5 million, the Academy’s 2013 audit revealed the charter school utilized an agile bit of financial alchemy, transforming its multi-million dollar Ingersoll-generated “receivable” into a “prepaid expense” — camouflaging Ingersoll's misappropriation with the guise of an asset. 

However, if you strip away the artifice of those financial tricks, including manipulative accounting practices, and material misrepresentations to skirt covenant violations and hide catastrophic losses from bondholders and creditors, you're left with this deeply negative and rapidly deteriorating financial position.



And the fraud continues.

2 comments:

  1. Ingersoll has had a "symbiotic" financial relationship with the Grand Traverse (Grand Theft Academy) all right: He seems to have that umbilical IVL (I Value Loot) cord between his bank and the GTA.

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    Replies
    1. And the word "parasite" fits, too.

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