LAYTON, Utah — A Kaysville man has been indicted by a grand jury on charges alleging that he stole money from two Utah charter schools to use for personal expenses, including cosmetic surgeries for his wife.
According to the indictment, Cole Arnold, 39, was an accountant for Academica West Services, which provides services for charter school business operations.
It's alleged that beginning in August 2017 and continuing through June 2022, Arnold used his position at Academica West Services to steal $2,563,348.23 from North Davis Preparatory and Ascent Academies.
Court documents charge the he created false invoices, bills, and credit card statements, claiming they were for school supplies and teacher salaries, among other false expenses.
These false charges generated payments to credit cards he controlled.
It's also alleged that he fraudulently passed money through Venmo and a bank account in the name of Upper Limit Innovation, a Utah business he co-owns.
Stolen charter school funds were used by Cole for travel, concerts, cosmetic surgeries, home improvements, jewelry, furniture, electronics, and other personal expenses.
Arnold is charged with 10 counts of wire fraud, and five counts of money laundering, and will make his first appearance in U.S. District Court in Salt Lake City on March 30.
The case is being investigated by the FBI Salt Lake Financial Crimes Task Force, which includes the Layton Police Department.
