Funds Raised For Montessori School Affected By Ponzi Scheme

ARLINGTON HEIGHTS, IL — A fundraiser has been set up to keep the Northwest Suburban Montessori School in Arlington Heights remain open after the school board's treasurer allegedly stole more than $600,000 from the school, according to media reports. The GoFundMe page set up earlier this month has raised more than $10,000 with a goal of raising $75,000.

"Northwest Suburban Montessori School has stood for over 55 years enhancing the lives of children within our community with the Montessori method," according to the GoFundMe page. "This past year the school was the victim of a financial crime, putting the school into a crisis."

Court documents show Robert C. Walberg, 58, was charged in early October with theft, securities violations, wire fraud and investment advisement fraud after allegedly operating a Ponzi scheme and defrauding 20 investors, including Northwest Suburban Montessori School, out of $5.5 million, the Daily Herald reports. He used about $2 million of those funds for person expenses. He funneled $733,000 toward credit card bills and paid for home improvements, bought groceries and used the funds to cover his car loan and country club payments, according to the article.

The Montessori school has been forced to dip into its reserves since enrollment is down, school officials told the newspaper, and the Ponzi scheme has put the school in danger of closing.

More via the Daily Herald and GoFundMe