Edward Williams, 83, of Hamden, had been a CPA before retiring and was spending his golden years overseeing the funds for two nonprofits.
But, as the economy took a hit, so did his investments, and he wiped out the nonprofits’ accounts to cover his expenses, the New Haven Register reports.
Williams told officers he inappropriately wrote checks to himself for $86,250 from both the English Speaking Union and Friends of the Grove Street Cemetery, reports the Register, citing the arrest warrant.
The financial hit could mean that the English Speaking Union cannot hold its Shakespeare contest for local schoolchildren or send two teachers to England for an enrichment course, the Register reports.
“It has left the organization bankrupt. Right now, we don’t know what our future will be,” a member who did not want to be named said.
The ESU has managed to stay afloat thanks to donations from board members and the help of its current treasurer, Gilbert Hogan. But it is going to be tough considering they are a standalone chapter of the national organization.
John Edwards, president of the Grove Street Cemetery, said his members are “shocked beyond belief. He was one of the most active and best board members we had. It’s a good lesson for any small organization — you can never be too careful.”
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According to the arrest warrant, Williams had $1 million put aside for his retirement, but by the early 1990s, because of poor investments, he had lost all of it and he was in debt .
He is willing to try to pay the groups back with $500 a month, according to court records.
He is charged with two counts of first-degree larceny, is free on a written promise to appear. He has not entered a plea.
