A Shreveport Charter School has lost almost $1 million to an online phishing scam.

The Caddo Parish Sheriff's Office and the FBI have been tracking down the funds, according to a release from the Caddo Parish School District. In total, $988,000 was siphoned away from the Magnolia School of Excellence through the scam. The money was taken from payments that were meant for Charter Schools USA, who is the charter operator for Magnolia School.

According to the Shreveport Times, Captain Bobby Herring from the Caddo Parish Sheriff's Office says over $700,000 has already been tracked down. However in the release from the school district, the school has not recouped the money yet.

The school explains how the scam took place:

"Law enforcement officials have verified an unknown individual fraudulently posed as an employee with Charter Schools USA, and spoofed an official charter email account to change banking information on file with Caddo Schools. As a Type 1 charter, the district makes payments to Charter Schools USA based on Magnolia School of Excellence’s enrollment."

The school board will now look for legal counsel to help them recover as much of the money as possible.