Wednesday, November 17, 2004
What Shall We Teach the Children? How About:
"Where's The Money?"
AJC: Schrenko cited heavy debts0 comments
OK, a couple of clarifications since yesterday in the case of Our Miss Schrenko.
And a couple of jaw-droppers.
About a year after authorities say Linda Schrenko helped steal $614,000 in federal education funds, she filed for bankruptcy, claiming almost $70,000 in credit card debt and thousands more in unpaid medical bills.
Court records show Schrenko, the former Republican state school superintendent, and her then-husband, Frank, filed for bankruptcy Oct. 27, 2003, listing little in the way of assets except their Grovetown home. Frank and Linda Schrenko have since divorced, and she now lives in nearby Martinez, an Augusta suburb.
In total, the couple listed $232,644 in liabilities and $172,615 in assets, of which their home accounted for $150,000. Schrenko, who was a longtime teacher and served as state superintendent from 1995 to 2003, listed a state pension of about $48,000 a year.
It's just Deficit Spending, is all. This is your New Republican Party in action, following their president's lead.
And it turns out to be the state schools for the deaf and the governor's honor's program that she and her former chief deputy, Merle Temple of Evans, and Alpharetta computer consultant A. Stephan Botes were stealing from. Earlier reports said "handicapped." Now, it's deaf and smart kids.
But, it turns out it's the three of them who may be too smart for their own good.
About $250,000 was diverted to Schrenko's failed campaign for governor in 2002, according to federal authorities.
Federal authorities say Schrenko filed false campaign disclosure reports to cover up the scheme. Campaign finance records indicate she repaid a $250,000 campaign loan to Regions Bank about three weeks after authorities say more than $500,000 in federal education funds were signed over to companies controlled by Botes.
Whoa...
I'd like to take a gander at the indictment, just to see what charges are being brought against Our Miss Schrenko and her two eraser clappers.
For the above makes it sound as if they're facing federal election fraud charges on top of simple embezzlement. "False campaign disclosure reports" is never a good thing to see in your list of charges.
What I'm struck by, while reading this, is just how absurdly wretched Schrenko's finances really are.
This is my favorite graph:
Her lawyer, Pete Theodocion of Augusta, said Schrenko suffers from physical problems from an auto accident, and her bankruptcy shows several debts to doctors and hospitals. Among them is a $10,000 to a "Dr. Cooper." Her daughter, Katherine Cooper, is a dentist whose practice is located at the address listed on the filing.
Classic. She stiffed her own daughter over that pretty smile.
OK. So, she stole $614,000 from the feds. Then, laundered $500,000 of it through Bote's company. Only $9,300 of that total went for the face lift. $250,000 of it went to repay a campaign loan to a bank.
Let's see...
That's $250,000 + 9,300 = $259,300 spent out of the $500,000 = $240,700 unaccounted for out of the laundry money.
She didn't use it to pay any of the scores of outstanding debts, since she never PAID any of the scores of outstanding debts. So, the cash didn't disappear there.
Then add in the $114,000 not laundered through Bote. That's $354,700.
Which brings us to the question:
"Who's got the $354K?"
More from the math lesson plan of Our Miss Schrenko later.
posted by Gotham 11:26 PM
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