Ponzi Scheme Allegations Rock Private School
Boston News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Croft School Founder Accused of Ponzi Scheme, School Faces Financial Crisis
The founder of Croft School, a private institution with campuses in Boston and Providence, is facing a lawsuit alleging he ran a Ponzi scheme, hiding thirteen million dollars in debt from families, investors, and others. The school board has suspended the founder without pay and admitted to keeping the debt hidden for too long, jeopardizing the schools finances. Parent and investor Paul Crockett filed the suit, claiming he was misled into investing one hundred sixty thousand dollars in Croft Bonds with twelve point five percent annual returns, only to discover the bonds were used to pay off old interest. The lawsuit also names Fidelity Brokerage Services, National Financial Services, and Leader Bank as defendants. The school is struggling to raise five million dollars to cover payroll and bills through the end of the year.
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