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Albany charter school official admits embezzling $203K
ALBANY (AP) --The former chief financial officer of a foundation that funds charter schools in Albany has admitted embezzling almost $203,000 from the organization.
Albany County District Attorney P. David Soares says 49-year-old Ronald Racela pleaded guilty Tuesday to second-degree grand larceny for stealing the money while working for the Brighter Choice Foundation from September 2011 until December.
He's expected to be sentenced May 17 to from five to 10 years in state prison and ordered to pay back the money.
Brighter Choice officials said they weren't aware Racela was on probation for stealing almost $54,000 from KeyBank, where he was a manager, when he was hired in June 2010.