Teton School District 401 may have been the victim of fraud, losing over three quarters of a million dollars in the incident. Teton Valley News last week reported the alleged fraud resulted in the loss of $784,833 in payouts to a fraudulent account. According to the story, the district admits to having paid the money to what the district thought was Headwaters Construction. However, the money was never received. Instead, the money appears to have been lost to fraud. An FBI investigation into the case has been launched.