Air America has reportedly been caught up in a probe into whether funds for after-school programs for poor children in New York City have been improperly diverted.
The city's Department of Investigation is said to be examining allegations that hundreds of thousands of city dollars were illegally invested in the liberal radio network by the Gloria Wise Boys & Girls Club in the Bronx, according to a report earlier this month in the Bronx News.
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"The money, which was reportedly paid to Air America as a loan, was supposed to be paid back with interest," the News said.
Evan Cohen, who resigned under fire as chairman of Air America Radio shortly after the network began in 2003, served as director of development for the Gloria Wise Club, the paper said.
Citing "published reports" on Tuesday, the New York Daily News said that Gloria Wise founder Charles Rosen "has stepped down as executive director" after allegations surfaced that he was "investing city contract funds in Air America Radio."
A source emphasized to the Bronx News, however, that Rosen never sought to profit personally from the reported loan to Air America, and instead hoped the Gloria Wise Club would benefit from the interest collected from the liberal network.
Still, according to a statement quoted by the Daily News, the DOI said it was probing allegations that program officials "approved significant inappropriate transactions and falsified documents that were submitted to various city agencies."
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