Posted By Wesley Goheen, Web Managing Editor - email
Photo courtesy of Bay City Academy Facebook page.
BAY CITY, MI (WNEM) -
A local entrepreneur and charter school founder is accused of conspiring to commit bank fraud.
Steven Ingersoll was federally indicted Thursday. His wife, brother and two others are also charged.
The U.S. attorney's office says the group conspired to defraud $1.8 million out of Chemical Bank.
The money was supposed to be used for construction of Bay City Academy's Madison Arts campus but the U.S. attorney's office says more than $900,000 was diverted to a personal bank account, owned by Ingersoll and his wife.
If convicted, each of the accused could face up to 30 years in prison.
Court dates are pending.
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