William J. Reilley of Carlstadt was hired by Onyx Beauty Academy in Fort Lee in 2004 to teach and help with its financial management. He also was tasked with applying for government loans and grants, but never obtained them.
Instead, prosecutors say Reilley spent money earmarked for school creditors, as well as loan and grant application fees, on various personal expenses, such as $25,000 in rental car fees and a $1,000 deposit on a catering hall for a family function.
He was indicted Friday by a state grand jury on a theft by deception charge and faces up to 10 years in prison if convicted.
