Overview
- At a Rhode Island Superior Court hearing, the judge asked receiver Mark Russo to review a parent petition that seeks court control of Croft’s Providence campus to steady operations.
- The board says the schools need about $5 million to finish the year and currently have only short-term payroll coverage, leaving teachers at risk of furlough and classes at risk of disruption.
- Families are lining up backup placements in Boston and Providence, with public school officials opening enrollment help sessions as hundreds of students may need new classrooms on short notice.
- A parent investor’s Norfolk Superior Court suit alleges founder Scott Given sold high‑yield “Croft Bonds” in a Ponzi‑style pattern, and a South End landlord’s suit says a $500,000 letter of credit tied to a lease was fake, which a bank flagged to police.
- Given has been suspended and later fired, his lawyers say he is cooperating and deny any personal misuse of funds, and banks named in the suits are reviewing the flagged letter of credit and related transactions.