LAKEWOOD, NJ — A $15 million theft from the Lakewood school district’s operating accounts over the weekend has prompted an active investigation, officials confirmed Wednesday.
Mayor Raymond G. Coles acknowledged the financial breach, stating that a significant portion of the funds had already been recovered. “We managed to claw back a big piece of it almost immediately,” he said, without providing further details.
The Lakewood Police Department, led by Capt. Gregory Staffordsmith, has referred all inquiries to the Ocean County Prosecutor’s Office, though Prosecutor Bradley D. Billhimer has declined to comment on the case. The theft was first reported by The Lakewood Scoop.
The incident comes as the district faces severe financial strain. Earlier this month, officials secured a $65 million emergency loan from the state to prevent a budget shortfall that could have forced school closures.
“This is a district already on its knees financially,” Coles said. “Losing even a penny is a disaster.”
According to the Asbury Park Press, $8 million of the stolen funds has been recovered so far. Authorities continue to investigate the theft and work toward retrieving the remaining funds.