Paideia Academy

(via Flickr/steakpinball)

Fred W. Robinson, 71, a former chairman of the board of shuttered charter school Paideia Academy, and former employee of the City of St. Louis' treasurer's office, has been convicted on federal fraud charges, the U.S. Attorney's Office says.

(via Flickr/steakpinball)

Updated 3:53 p.m.

According to the U.S. Attorney's Office, Fred W. Robinson, 69, of St. Louis, and chairman of the board of trustees for Paideia Academy, a now-shuttered charter school in St. Louis, has been indicted multiple fraud charges.

(via Flickr/alkruse24)

Questions are being raised after St. Louis' Paideia Academy closed and kept nearly a half-million dollars in leftover money.

Missouri education officials say state regulators didn't have the authority to take back unspent money. The St. Louis Post-Dispatch reported that a federal investigation is under way, and that the state auditor's office has also asked questions.

Paideia Academy, which had planned to open its school year the day after Labor Day despite having lost its charter to operate, won't be opening after all.

Fred Robinson, president of the school's board, said Thursday that an effort to secure financing for the school had not worked out, so it would not be accepting students, at least for now. He said the decision was made earlier this week.

"The deal we were working on didn't work," Robinson said, declining to give further details. "The deal we were working on fell through."