HOLLY, Mich. – A well-known Holly community activist and volunteer is facing an embezzlement charge after withdrawing money and closing a bank account she managed for a parent teacher organization.
Angela Marie Wallace, 53, was charged with one count of embezzlement by an agent of trustee, a five-year felony, and one alternate count of larceny by conversion, which is also a five-year felony.
Wallace served as PTO treasurer in Holly since 2020 and was removed by vote at a meeting on Oct. 2. Police said on Oct. 3, Wallace went to the bank that held the account to withdraw all funds and close the account on behalf of the PTO.
Police said the Holly Elementary School PTO president contacted the police department on Oct. 3 to report that money had been withdrawn.
“The now former treasurer went to the bank that held the account, presenting herself with authority and acting in her former capacity and advised the bank employee that she wished to close the account on behalf of the PTO organization.” Holly police said. “The account was closed of all funds and a check issued to the former Treasurer in the amount of several thousand dollars.”
Library board member and Wallace’s friend, Kristen Watts, said she spoke with Wallace about the case and she believes it’s all a misunderstanding. She said Wallace has the money and wants to return it to the proper authority. She said the PTO is still awaiting proper IRS paperwork to become a 501c3 organization.
“She doesn’t wanna keep anything from those kids, she loves those kids, and everyone in this town that knows her knows that,” Watts said.
Watts said that Wallace used her social security number to get an EIN and that Wallace wants to return the money where it belongs. She said Wallace even attempted to give the money to the police.
Wallace is expected back in court at 2 p.m. on Dec. 18
---> Holly Parent Teacher Organization Treasurer charged with embezzlement, larceny