Norton Shores, MIThe FBI is investigating a man who handled about $3.7 million in investments for a Michigan school district for stockbroker fraud.
The man, who was not named in the news release put out by Mona Shores Superintendent Terry L. Babbitt, received the money intended for investment from a 2009 taxpayer-approved bond, reports WOOD, an NBC affiliate.
According to the news release, the school district is cooperating with the FBI investigators.
The release also said that, if proven true, the accusations against the stockbroker would constitute a terrible act.
"This is devastating news to the entire Mona Shores school community, its taxpayers, parents, board members, staff and students," the release stated. "These allegations - if true, represent a vile act of public betrayal by the independent financial broker who had a long and satisfactory record of working with the school district."
It is not believed that the FBI's investigation into the man for possible stockbroker fraud will interfere with the day-to-day operations of the Mona Shores school district, according to the release.
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