UPDATE: Chatsworth High Principal Suspended, His Accounts Are Under Investigation

Timothy Guy, principal of Chatsworth High School, has been placed on paid administrative leave. The faculty learned of his suspension Monday when an announcement was placed in their staff mailboxes, Chatsworth Patch was told.

The suspension from his $120,000 a year job was called a confidential personnel matter by Monica Carazo, communications officer for the Los Angeles Unified School District, although she confirmed Wednesday that an investigation is in progress.

Some school staff members were told only that there was a "paperwork problem," and retired principal Penny Gwin was being put in charge of the Chatsworth campus.

The Los Angeles Times was reporting Thursday that police are investigating Guy's financial accounts at both Chatsworth High and Kennedy High in Granada Hills where he previously worked.  Guy was assistant principal at Kennedy High from 2002 to 2007.

It was not immediately clear whether any funds were missing, the Times reported.

Attempts to reach Guy were unsuccessful. No one at the office of School Board Member Tamar Galatzan would comment. Chatsworth High School falls within Galatzan's district. She is currently campaigning for re-election to the LAUSD board.

Dan Issacs of the Associated Administrators of Los Angeles, which represents middle managers employed by the LAUSD, declined to comment, calling Guy's "reassignment" a personnel matter.

The school has an enrollment of about 3,180 students and 117 classroom teachers, according to a recent report.