Former Floyd County Schools maintenance director Derry Richardson has agreed to forfeit his personal property, including his home, with its proceeds going back to the Floyd County Board of Education. The agreement was reached after hours of negations. Richard was accused last spring of taking over $600,000 from the school system.
The court-appointed receiver will determine how the property is disposed.
According to sources, State District Attorney, Michael Lambros filed a motion on Monday to remove Richardson from his property for non payment of his residence. Sources added that Richardson said he has no funds to make a house payment. they went on to say that the receiver, Brian Bojo, has had to make payments to protect interest in the property.
The consent order with the details of the forfeiture is expected to be filed in Floyd County Superior Court later this week.
Richardson, along with four other school officials, resigned from their jobs last April midst a criminal investigation.
Since then, seventeen other people, including many of Richardson’s family members, have been linked to the investigation.
Criminal investigations are ongoing.
According to last monthly report received from Brian Bojo, Derry Richardson had net assets of $934,435.21. Richardson has $244,924.98 in liabilities. Reports said that he posted $422,860 in real estate, $433,530.18 in financial accounts, $47,970 in vehicles, and $275,000 in other miscellaneous property.