Teton School District to recover all missing funds taken in email scam
Teton School District Superintendent Monte Woolstenhulme announced at a recent school board meeting that ICRIMP will cover the remaining $300,000 of the missing school bond funds lost through an email scam in December.
Since the district announced on Dec. 21 that $784,000 of school bond building funds were transferred through a fraudulent email account by the former business manager, $484,000 of those funds were recovered in early January by tracing the transfers to a bank in Texas.
With ICRIMP, the school district’s insurance carrier, covering the remaining $300,000, the school board has confirmed that all those funds will be replaced and deposited in the school district’s bank account.
It is still unknown at this time whether the district’s insurance rate will increase.
The board is currently reviewing a new policy regarding electronic transfers.