MARGATE, Fla. -

Winston Thompson, a dean at Broward College, started the College Bound Academy in a former Home Depot store in Margate earlier this year. He collected about $110,000 of taxpayer money with the promise of delivering a top-notch education to its 60 students.

But the school closed Tuesday. Thompson said a lack of business planning resulted in problems.

Several employees told Local 10 that their checks bounced.

"I'm making every effort today to see how I can address that issue," said Thompson, who denied keeping any of the $110,000.

Last week, another charter school in Broward County, Ivy Academy, closed, leading school board members to call for more regulation of charter schools.

"We're not going to continue to allow our kids to be abused in this way by people who want to make money at the expense of sacrificing our children's educations," said Rosalind Osgood.