NJ school district that keeps getting bailouts has $15M stolen

💲Online theft hits Lakewood school district

💲$15 million was stolen, according to The Lakewood Scoop

💲Over half the missing funds have been recovered

The theft of $15 million from the cash-strapped Lakewood School District’s operating accounts is under investigation, according to several media reports.

The Lakewood Scoop was first to report on the theft from the operating accounts by a third party sometime during the President's Day weekend. An unnamed official told the Scoop that several million of the stolen funds were found out of state and the rest out of the country.

Lakewood police referred questions to the Ocean County Prosecutor’s Office, which said it does not confirm the existence of any investigations.

Mayor Ray Coles told the Asbury Park Press that $8 million had been recovered as of Thursday. Coles said that the school district is in "dire financial straits" and cannot afford to cover such a loss.

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Lakewood school district gets a loan

The state Department of Education loaned the district $65 million to get through the rest of the school year, according to a letter obtained by the Asbury Park Press.

The district, which is under state oversight, has received annual loans amounting to tens of millions in recent years.

Coles and Lakewood School district spokesman Michael Inzelbuch did not respond to messages from New Jersey 101.5 about the theft.

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