The ex PTO President stole money because there was a new Principal and the board changed hands. He opened a new account using the school name but his home address, gave himself a debit card and purchased many items (including cell phones which he had deducted from the checking account) with the kids money. He was finally caught and arrested (pleaded guilty so he got off easy). The question is the bank he went to are not contacting the new board for late charges. Is the PTO responsible for these charges considering he used this account as his own personal account?