NEW ORLEANS (WVUE) – Louisiana’s Department of Education has informed the Orleans Parish public school district that it will install a monitor to oversee its financial management, citing a pattern of “significant deficiencies” over the past two years.

State superintendent Dr. Cade Brumley delivered the news in a letter sent Friday (March 27) to NOLA-PS superintendent Dr. Fateama Fulmore.

“Due to repeated accounting miscalculations within the Orleans Parish School System (NOLA-PS), schools have faced multiple years of financial uncertainty,” Brumley wrote. “This letter serves as formal notice that, as a result of these errors, the Louisiana Department of Education will appoint a fiscal risk monitor for your school system.

“The purpose of this appointment is to provide enhanced oversight of tax revenue accounting and reporting by NOLA-PS. This will include special engagement conducted by an independent certified public accountant over the next year.”

NOLA-PS did not immediately respond to a request for comment from Fox 8.

Brumley cited a list of alleged “deficiencies” by the New Orleans school district, including:

• Failure to adhere to fundamental accounting principles
• Classification in the LDOE Fiscal Risk Assessment “Monitor” category, reflecting a high level of concern, including designation under a Critical Situation during the fiscal year
• Negative impacts on budgeting decisions for school systems across the state
• Provision of inaccurate financial information to NOLA-PS schools
• Potential violation of state law due to failure to provide accurate financial data to LDOE

The appointed monitor will be tasked with reviewing the financial practices of the district, ensuring it takes corrective measures, and reporting back to the LDOE about changes made and ongoing risks. It is believed to be the first state intervention into the Orleans Parish school system since it was restructured in the wake of Hurricane Katrina.

Nyesha Veal has served as the chief financial officer for NOLA-PS since 2024. Brumley’s letter did not mention her by name, but alleged a pattern of accounting errors and financial mismanagement over the past two years, including the recent underreporting of approximately $13 million in sales tax revenue in the last annual financial report.

Brumley wrote that the LDOE was notified of this problem by “school leaders,” and that the NOLA-PS CFO was questions about the disparity.

“During that discussion, the CFO acknowledged that the STR data submitted to LDOE was incorrect and had been underreported by approximately $13 million. The CFO further indicated that the omission of June 2025 sales tax revenue from the AFR, as well as the delayed submission of tax data, had no impact.

“This assertion is incorrect. The omission and delay have had material consequences, including impacts on statewide funding calculations and local budget planning. This reflects a concerning lack of understanding regarding the importance of accurate and timely financial reporting by NOLA-PS. … This is not an isolated incident of concern within the financial management of the system that can be overlooked as a simple mistake. Instead, this is a repeated pattern and must be addressed immediately.”

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Millions of motorists who were mis-sold a car loan will find out how they will be compensated, as the finance watchdog shares its final plans for an industry-wide scheme.

Final decisions on the long-awaited programme will be published by the Financial Conduct Authority (FCA) on Monday afternoon.

The regulator set out draft plans last year but it is likely to make several changes after receiving more than 1,000 responses to its consultation.

Under the latest proposals, the scheme will cover car finance agreements taken out between April 6 2007 and November 1 2024.

The FCA estimated that around 14 million deals, or 44% of all those made since 2007, were unfair and therefore eligible for compensation.

Consumers were estimated to be compensated an average of £700 per agreement, but it will be more or less depending on individual cases.

This was expected to come at a total cost of £11 billion to the industry, including the total payouts and the operational costs of running the scheme.

Craig Tebbutt, a financial health expert for Equifax UK, said: “It has previously been estimated that average compensation levels could be in the region of £700 per agreement but the final details around the scale, scope and timelines are expected to be confirmed on Monday.

“However, there is nothing to stop consumers checking their paperwork now and getting their details ready in the meantime.”

He said research by the credit reporting firm found that “many consumers don’t know how to check their eligibility and expect the process to be a hassle, with old or missing paperwork being a real barrier”.

Equifax has launched a car finance checker within its new app that lets people see a list of their past agreements and copy the details, with motorists encouraged to send a complaint to their lender using a template on the FCA’s website if they think they’re eligible for a payout.

Lenders and car finance providers had been challenging the FCA’s proposals with some raising concerns that the expected amount of compensation is too high and does not accurately reflect what customers lost.

On the other side, some consumer groups and MPs have argued that many motorists will be short-changed under the current plans.

The FCA has already announced some changes that it is making to the process since the proposals were unveiled last year.

This includes giving lenders more time to contact motor finance customers from when the scheme is officially launched.

But it is also aiming to streamline the process by allowing those due redress to accept it immediately without waiting for a final determination.

It thinks that this means million of people would receive compensation in 2026.

Abacus Global Management (NYSE:ABX) earlier this week reported record-setting financial and operational performance for 2025, highlighting strong momentum in the rapidly expanding life settlements market.

CEO Jay Jackson said the company delivered more than 100% year-over-year growth across key financial metrics, including EBITDA, adjusted net income, and gross results. He emphasized that beyond headline figures, the underlying operational activity demonstrated the strength of the platform.

Jackson noted that Abacus acquired more than 1,300 life insurance policies during the year and generated nearly $180 million in realized gains. The company also sold over 1,000 policies, underscoring the liquidity and scalability of its model. He added that more than $600 million in capital was deployed, enabling over 1,100 seniors to access value from previously illiquid assets.

“We’re helping clients find liquidity in assets they didn’t know had it — their life insurance policies,” Jackson said.

Jackson explained that life insurance policies are increasingly being recognized as a viable financial asset class.

Looking ahead, Jackson pointed to a substantial growth runway, noting that the total addressable market is approximately $14 trillion, while Abacus has only penetrated a small fraction of that opportunity. He suggested that ongoing macroeconomic uncertainty is driving investor demand for uncorrelated assets, positioning life settlements as an attractive alternative.

As a key catalyst for future growth, the company recently completed a minority investment in Manning & Napier, a long-established wealth and asset management firm. Jackson said the partnership provides access to more than 3,400 retail clients, many of whom may not yet be aware of the liquidity potential within their life insurance holdings.

He indicated that this strategic relationship could enhance origination volumes and contribute to continued record performance into 2026.

“We’re one of the largest originators, and our record numbers are an indicator of what’s coming next,” he said.