MILWAUKEE — Milwaukee Public Schools lost $450,000 in a bank impersonation fraud and has notified state and federal authorities, Spectrum1 News reported, citing the district.
The district disclosed the loss Tuesday after learning of the fraud Monday, according to Spectrum1 News.
U.S. Bank has recovered $225,000 for the district, the outlet reported. MPS said it was working to recover another $195,000. Those figures total $420,000, leaving a $30,000 difference from the reported loss that was not explained in the account.
“This is a sobering reminder of the sophisticated financial scams that occur every day across the country. We are taking swift and immediate action to strengthen our internal procedures to prevent this from happening,” Superintendent Brenda Cassellius said in a release quoted by Spectrum1 News.
Internal Investigation Being Considered
The district said it is conducting an internal investigation and implementing short- and long-term controls to protect its finances, according to the report.
Jennifer Buros, the district’s deputy chief financial officer, will serve as acting chief financial officer during the investigation, MPS said.
