Posted on 01/16/2022 5:53:41 AM PST by Libloather
The founder of a national charter school network who once served as a White House adviser under President Barack Obama has pleaded guilty to a charge alleging he stole $218,000 from the network to get a lower interest rate on a multimillion-dollar luxury Manhattan apartment.
Seth Andrew, 42, a founder of Democracy Prep, on Friday entered the plea in Manhattan federal court to wire fraud, admitting that he moved money in 2019 from the charter school network to other bank accounts without authorization.
'I am truly sorry for what I have done,' Andrew told Judge John P. Cronan. 'What I did was wrong and I deeply regret my actions.'
'And, as I stand before you today, I have tremendous remorse for the impact it has had on the schools, the alumni and my own family.'
Andrew had also been charged last April with money laundering and making a false statement to a bank. He faces up to 20 years in prison at his scheduled April 14 sentencing, but will likely get much less time.
In 2005, Andrew was a founder of Democracy Prep when it started in New York City.
The school, which teaches mostly lower-income people of color, helped raise test scores for economically challenged children in Harlem. It then expanded across the United States.
In spring 2013, Andrew left his role as a superintendent of the school's network to work in the U.S. Department of Education and as a senior adviser in the Office of Educational Technology at the White House. The job lasted until November 2016.
In court papers, authorities said Andrew stole $218,000 from the schools he helped create and then used the money to obtain the best interest rate his bank offered on a mortgage for a $2 million Manhattan apartment he bought...
(Excerpt) Read more at dailymail.co.uk ...
How can you buy $2M in real estate with $200K? Even a down payment would be much more.
“How can you buy $2M in real estate with $200K? Even a down payment would be much more.”
He likely had some other money and needed the $200k to get to 20%. Still, he must have a damn good income to qualify for a loan of $1.6M. Didn’t realize charter schools paid so well!
Who did he tick off? $218K is absolutely peanuts to the amount of money the Clintons ripped off or what the Pelosi crime family has taken in.
These people can’t help themselves, can they?
I’m thinking the lefty Reporter wife of this thieving scumbag won’t be reporting this story.
Actually you’re right and the article gets into a bunch of detail. Apparently he was banging a TV anchor (Democrat lingo) and that probably met the income requirement.
OK; makes sense. Sex comes into the picture. It’s magical for an income boost, I guess — if you’re a whore which apparently he is.
Andrew’s wife, CBS News anchor, Lana Zak, was not accused of wrongdoing
Scum
Bag
I think Public Servants and Public Employee’s should e held to A Higher Standard and upon a Guilty Plea or Conviction, they should Automatically receive the Maximum Sentence, TIMES 5, plus 100% Civil Asset Forfeiture
Two years after severing ties with Democracy Prep, Andrew looted accounts for the network’s schools so he and his wife could buy the $2.37 million apartment
The stolen money helped Andrew qualify for a $1.78 million mortgage with a 2.5% interest rate, a half-point reduction
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Running the numbers thru an online mortgage calculator, a 30 year fixed rate mortgage of $1.78M at 2.5% is a monthly payment of over $7K. What the hell kind of income did he have to fork over that kind of money every month. Add on top of that the condo fees and taxes and it’s probably closed to $9~10K per month.
No surprise here, the whole bunch are running the Biden Administration now.
Andrew and Zak obtained a mortgage rate of just 2.5%, or 0.5% less than they would have had to pay, as a result of having more than $1 million on deposit with the lender.
Without the more than $142,000 in allegedly stolen funds that he deposited with the lender, “Andrew would have been eligible for only a 0.375% interest rate deduction,” the U.S. Attorney’s Office for the Southern District of New York noted last month.
His wife is a reporter for CBS but I don’t think job pays big bucks anymore. I don’t understand how his wife, Lana Zak didn’t get charged.
Can you even BEGIN to imagine how much money is, as the politician likes to call it, "purloined" from the educational system every year.?
Some years ago I read that, just in the state of Ohio, Many, MANY millions of dollars go missing every year. And very little effort is made to find out what happened to it..
I guess it's just considered "SEED MONEY" for the teacher's unions.. :(
I know a “good” Democrat like this who was making $1 million a year as counsel to a children’s hospital. He stole millions more with invoices to his fake companies, and had a yacht with a full time captain.
All the powerful democrats showed up as character witnesses to get him an easier sentence.
Au Contraire mi amigo......... (frog mex lingo)
A condo costing only $2 million is not living particularly large in Manhattan
Monthly payment on 1.6 million would be roughly $8,000 + monthly condo fees which I would bet are over $1000.
218k is peanuts compared to what his boss 0 took.
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