A licensed insurance broker-agent is accused of stealing more than $500,000 from the Los Angeles Unified School District and other programs managed by his employer, authorities said.
Arthur Cade, 60, was arrested last week on suspicion of three counts of felony grand theft after investigators allege he pocketed money from his employer, DACM Project Management, according to the California Department of Insurance.
At DACM -- which is hired to oversee large-scale public and private construction projects -- Cade oversaw banking accounts for the programs that the company managed, such as the L.A. Unified rewards program that is meant to promote safety on construction sites, insurance officials said.
Cade is accused of stealing more than $100,000 from the school district program and $400,000 from other funds run by DACM, insurance officials said.
The alleged theft was uncovered after an employee noticed bank transfers to Cade's personal account, insurance officials said.
Cade was released Friday after posting $318,000 bail, according to jail records. If convicted, he faces up to 12 years in prison.