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Steven Ingersoll, charter school founder, was convicted by a federal jury for financial misdeeds.
Blogger Miss Fortune reports:
A federal jury found Bay City Academy founder Steven J. Ingersoll guilty of three of the six criminal counts he faced stemming from his rapacious tear through the finances of both the Bay City Academy and Grand Traverse Academy charter schools.
The jury found Ingersoll guilty of two counts of attempting to evade or defeat tax and one count of conspiracy to defraud the United States. The jury exonerated him of three counts of fraud by wire, radio, or television.
Throughout the trial,that Ingersoll shifted money among business and personal accounts to avoid taxes.
Steven Ingersoll in 2010 purchased a former church at 400 N. Madison Ave. on Bay City’s East Side and later entered into a construction contract with Roy Bradley in order to convert the structure into the Bay City Academy charter school. Federal prosecutors alleged Ingersoll in January 2011 obtained a $1.8 million construction line of credit loan from Chemical Bank in Bay City for his endeavors with the church-academy, then used the money for his own purposes.
Ingersoll used $704,000 of this money to pay part of a $3.5 million-debt he owed to another charter school he founded, Grand Traverse Academy in Grand Traverse County, but first had it bandied around the bank accounts of his other entities and those of the Bradleys and his brother, prosecutors alleged.