- Associated Press - Tuesday, March 31, 2015

LOS ANGELES (AP) - An insurance broker has been arrested on suspicion of stealing more than a half-million dollars from his employer’s clients, including the Los Angeles Unified School District.

The California Department of Insurance says 60-year-old Robert Cade faces three counts of felony grand theft.

Cade is accused of stealing more than $100,000 from the school district program and $400,000 from other funds run by DACM Project Management.

Insurance officials say the alleged theft was uncovered after an employee noticed bank transfers to Cade’s personal account.

If convicted, Cade faces up to 12 years in prison. It wasn’t immediately known if he has a lawyer.

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