State Attorney Brad King and Florida’s Chief Financial Officer Tom Gallagher announced the arrest of James Kirk Isenhour, chairman and director of the Silver Archer Foundation, for unlawful use of scholarship contributions. The arrest stems from an investigation by the Department of Financial Service’s Office of Fiscal Integrity in cooperation with the Ocala State Attorney’s Office.
Isenhour, 56, has been charged with Grand Theft in the first degree and booked into the Marion County Jail. The charge is based on reported evidence that Isenhour, through Silver Archer Foundation, unlawfully used Corporate Tax Credit (CTC) donations through willful misrepresentation and theft of state resources. Silver Archer Foundation was formerly a registered state Scholarship Funding Organization.
CTC contributions are required by law to be used as scholarships for children whose families have limited financial means. The purpose of the CTC program is to provide parents with education options for their children.
“Mr. Isenhour should be prosecuted to the fullest extent of the law for denying parents the opportunity to pursue a better education for their children,” said Gallagher, who oversees the Department of Financial Services.
The arrest warrant alleges Grand Theft of state resources in the amount of $268,125. Allegedly, 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. The alleged theft occurred between March and August 2003.
Under Florida law, these funds must be used for Corporate Tax Credit scholarships for children in need. State law also requires payment of these scholarships be made to the parents of eligible students.
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