Urban Prep Founder Tim King Indicted on Federal Charges Alleging $100,000 Theft

Federal prosecutors in Chicago charged Tim King, the founder and former CEO of Urban Prep Academies, with stealing over $100,000 from the South Side charter school network, according to a grand jury indictment unsealed Wednesday.

Authorities allege that between 2021 and 2022, King diverted more than $103,000 from Urban Prep’s bank accounts to pay his personal credit card bills. Prosecutors specified that over $54,000 was transferred in 2021, followed by more than $49,000 in 2022, using funds from the publicly funded but privately managed charter network.

The indictment also accuses King of attempting to obstruct a federal investigation. Following a 2022 subpoena for records relating to his tenure, King allegedly accessed Urban Prep's fundraising software and deleted some records, which prosecutors claim was done to hinder investigators. The case involves federal agencies, including the Department of Justice, Department of Education, and the Internal Revenue Service.

King’s attorney, Christopher Parente, denied all allegations, asserting that his client is innocent and intends to contest the charges vigorously in court. Parente highlighted King's decades-long commitment to Urban Prep, stressing that King had previously contributed personal funds to support the school’s operations.

Urban Prep, established by King in 2002, gained national recognition for its mission to educate young Black men and boasted a 100% college acceptance rate for its graduating classes. The charter network, however, has faced ongoing financial struggles in recent years and remains embroiled in legal disputes with Chicago Public Schools (CPS) over the operation of its campuses.

King resigned as CEO in August 2022 after unrelated allegations surfaced. The leadership of Urban Prep declined to comment on the criminal charges this week but emphasized the positive impact of King's vision on students.

Urban Prep continues to operate two campuses in Chicago, serving approximately 200 students. The federal investigation into the alleged theft and obstruction remains active.