Officials said 78-year-old Robert Park was arrested Thursday after admitting that he stole more than $200,000 from Aldan Borough and about $1 million from the financially troubled William Penn School District from 2003 to 2012.
Delaware County District Attorney Jack Whelan said Park is charged with theft by deception, receiving stolen property and other offenses.
Park's attorney Arthur Donato called it an "unfortunate situation" and says his client is cooperating with authorities.
Authorities believe Park lost the money while trying to recover his own personal losses after the 2008 stock market crash.
