A Coastal Bend College administrator accused of transferring $127,000 in college funds into his personal bank account was relieved of his duties Tuesday, CBC President Thomas Baynum announced.
The administrator, who has not yet been charged with a crime, was asked to turn over his keys and was escorted off campus Tuesday afternoon, Baynum told the Bee-Picayune.
“We’re just devastated,” Baynum said. “This man came with impeccable credentials. He has a super reputation around the state. You could ask anyone around the state and they’d tell you he was someone who was highly qualified and who could be trusted.”
Baynum filed a complaint with the Bee County Sheriff’s Office just after 3 p.m. Tuesday.
Bee County Sheriff’s Deputy Capt. Dan Caddell said the college filed a charge of misapplication of fiduciary funds against the employee, a third degree felony offense punishable by up to 10 years in prison and a $10,000 fine.
Baynum said he was in a meeting in Austin when he was contacted with the devastating news.
He said the president of IBC Bank, which serves the college’s accounts, told him over the phone that the bank had discovered the alleged embezzlement.
“He told me that (the employee) transferred the money directly from the college into his private bank account at IBC,” Baynum said.
Baynum said he immediately contacted CBC Board President Paul Jaure, and Trustees R.W. Dirks and Fred Morón about the situation. Jaure contacted other board members, Baynum said.
He said he will discuss the issue with faculty and staff on Wednesday.
Baynum said the college will press charges.
“We are pretty certain he transferred the funds so we are going to prosecute,” Baynum said. “$127,000 is a lot of money. It’s the students’ money and the taxpayers’ money and it is for them that we are going to follow this through to the end.”
Baynum said the college’s accounts have been frozen as has the employee’s personal account at IBC Bank.
Baynum said he does not know if the college administrator still has the college’s money in his account.
He said Bee County District Attorney Martha Warner is preparing subpoenas so that the college can have access to the administrator’s account.
Baynum said he does not know if the college has insurance that will cover the loss.
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