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Isenhour Found Guilty of Stealing Education Funds

11/10/2005

CONTACT: Tami Torres
(850) 413-2842 or 251-6293
    
TALLAHASSEE – Tom Gallagher, Florida's chief financial officer, announced today that a jury has found James Kirk Isenhour, chairman and director of the Silver Archer Foundation, guilty of grand theft in the first degree for illegally using scholarship monies intended to educate children.  Isenhour now faces up to 30 years in prison.  A sentencing date has not yet been set.
 
"These scholarships are intended to provide parents with education options for their children," said Gallagher, whose office conducted the investigation that led to the charges. "It is unconscionable that anyone would steal money from children and deprive them of better educational opportunities."
 
Isenhour, 57, was charged last year with grand theft in the first degree based on evidence that he, through Silver Archer Foundation, unlawfully used Corporate Tax Credit (CTC) donations through willful misrepresentation and theft of state resources.   CTC contributions are required by law to be used as scholarships for children whose families have limited financial means.
 
Ocala State Attorney Brad King agreed to prosecute the case following an investigation by the Department of Financial Service's Office of Fiscal Integrity in cooperation with the Ocala State Attorney's Office.   The department found that no scholarship payments were made to parents of eligible students, and all contribution proceeds were diverted by Isenhour and used for personal or non-CTC scholarship purposes. 
 
Silver Archer Foundation is no longer registered as a state Scholarship Funding Organization.  
 
As a statewide elected officer of the Florida Cabinet, Chief Financial Officer Tom Gallagher oversees the Department of Financial Services, a multi-division state agency responsible for management of state funds and unclaimed property, assisting consumers who request information and help related to financial services, and investigating financial fraud.