$15M stolen from N.J. school district already in financial trouble, mayor says

A cyber thief stole $15 million from a bank account belonging to Lakewood Public Schools this past weekend, according to the township mayor.

The bank quickly noticed the unusual activity via a transfer of funds and started contacting law enforcement, Mayor Ray Coles said.

“Unfortunately it’s not an uncommon thing,” Coles said. “I don’t know how someone could get away with something like that with that kind of money.”

A portion of the stolen funds have since been recovered, the mayor said. The amount recovered was not clear as of Thursday evening.

The theft is under investigation by the FBI, the Ocean County Prosecutor’s Office and township police. None of the agencies responded to a request for comment on Thursday evening.

Last week, the school district said it had secured an emergency $65 million from the state of New Jersey so it could keep paying teachers and staff.

School officials warned the $65 million loan is still not enough to offset the district’s deficit this year, the Asbury Park Press reported.

The loan will help sustain district operations through May 31, but Lakewood still needs the remainder of a $104 million loan it requested, which the district included as part of its 2024-25 school year.