Algoma University defrauded of $390,000

The former Shingwauk Hall residential school (now Algoma University) is pictured on Monday, July...

The former Shingwauk Hall residential school (now Algoma University) is pictured on Monday, July 16, 2012 in Sault Ste. Marie, Ont. (QMI Agency/MICHAEL PURVIS)

QMI Agency

, Last Updated: 7:52 PM ET

An Algoma University employee has been charged with defrauding the school of more than $390,000 over the last six years.

In a statement issued Friday, Richard Myers, Algoma U. president, said the school terminated the employee following an investigation earlier this year. The matter was then turned over to police.

Myers said the fraud has little impact on the school's current operating budget because most of the money was taken in previous years.

“As a public body that derives most of its operating revenue from student fees and government operating grants, the university takes very seriously its fiduciary responsibility to manage that revenue properly,” said Myers.

Police say the fraud is alleged to have taken place between April 2006 and October of this year and involved $391,455.

Cynthia Jacobs, 53, was arrested Friday morning and charged with fraud over $5,000. She is to appear in court on Jan. 14.


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