A former Hampton Bays Board of Education member was arrested last week after police said he stole nearly $55,000 from a scholarship fund that he helped create more than a decade earlier to honor the memory of his best friend, who was killed in the terrorist attacks of September 11, 2001.Warren Booth III, 51, a lifelong resident of Hampton Bays and a longtime volunteer with the Hampton Bays Fire Department, removed approximately $55,000 from the Arthur J. Jones Scholarship Fund over several years while serving as administrator of the account, according to accusatory documents obtained by The Press.The same document notes that Mr. Booth, one of two maintenance crew leaders employed by the Hampton Bays Water District, told Southampton Town Police detectives that he stole the money because he was having financial difficulties. Mr. Booth, who is making $63,704.88 annually, was still employed by the water district as of earlier this week.The scholarship, which benefits Hampton Bays students, was established in 2002 and is named after Mr. Jones, a 1982 graduate of the school district who was killed in the terrorist attacks while working at the World Trade Center. The scholarship fund—which has raised more than $175,000 in Mr. Jones’s name since its creation—is overseen by a nonprofit that is separate from the Hampton Bays School District. Both the names and the number of people who sit on the scholarship committee remained unclear as of earlier this week.Southampton Town Police Lieutenant Susan Ralph said Wednesday that the department’s detectives were handling the investigation, and they were not immediately available to answer additional questions, such as if they were able to recover any of the funds. Also, it was not clear how Mr. Booth stole the money.Mr. Booth was arrested last Thursday, December 10, after he was brought in for questioning about the money’s disappearance. Mr. Booth, who lost his bid for a third three-year term on the Board of Education in May, started stealing cash from the scholarship fund in August 2010, when he was already sitting on the Board of Education, according to police.“I’m shocked and disappointed to hear the news,” Hampton Bays Schools Superintendent Lars Clemensen said when reached on Friday. “But since the school is a benefactor of the scholarship, it’s also important to note that School Board members don’t have direct access to checks or cash. I’m confident that I don’t have to worry for the school district.”A call placed to Mr. Booth’s cellphone on Friday afternoon immediately went to voicemail and was not returned.In a 2006 article in The Press marking the fifth anniversary of the terrorist attacks, Mr. Booth identified himself as Mr. Jones’s best friend, explaining that he established the scholarship fund to honor his friend’s memory. Prior to his arrest, Mr. Booth also organized the Arthur Jones Memorial Scholarship Golf Outing, an annual event that also helped raise money for the fund.In an email sent on Tuesday, Amy Reid—who would identify herself only as a spokesperson for the fund—said the group was shocked to learn that Mr. Booth has been charged with raiding the fund. “All of us at the Arthur J. Jones Scholarship Fund were shocked and deeply troubled to learn of the recent allegations against Mr. Booth,” Ms. Reid wrote. “We are presently working with the local authorities who are still trying to assemble the facts.“We remain determined to honor Art’s memory,” she continued, “and will continue to give back to the community that he loved and called home.”Mr. Booth was charged with one count of second-degree grand larceny, a felony, authorities said. If convicted, Mr. Booth could face up to between five and 15 years in prison, according to the New York Penal Code.He was held overnight, arraigned the next morning in Southampton Town Justice Court and released on his own recognizance. He is due to appear in court on May 5, 2016.In addition to serving six years, from 2009 to 2015, on the Hampton Bays Board of Education, Mr. Booth also spent nearly three decades volunteering with the Hampton Bays Fire Department.The fund, meanwhile, awards two scholarships each year to members of the Hampton Bays boys and girls basketball teams. Candidates must write essays that are reviewed by the fund’s board, according to Mr. Clemensen. The names of the winners are typically announced each spring.