12News has learned that Beaumont Independent School District Finance Director Devin McCraney has submitted his letter of resignation.

McCraney turned in his resignation Monday according to sources within the district.

McCraney is one of two people facing a 19-count indictment that was handed up January 8. The charges are related to allegations of embezzlement of $4 million from the district.

(click here to read previous reporting on criminal charges)

The school board in November voted for termination of McCraney and Sharika Allison.

Allison is also under indictment. She did not appeal her termination, but McCraney did allowing him to remain on paid suspension.

McCraney and Allison's final pre-trial hearing is set for February 27 with jury selection set for March 3, 2013.

If convicted, each faces up to 10 years in federal prison and a fine of up to $250,000.

This is a developing story. Check back for updates.