The current California law is an invitation to fraud, embezzlement, and corruption. This is not to say that all charters are run by corrupt individuals, but the constant revelation of financial scandals in the charter industry demonstrates the need for revision of the law to protect the public interest. Recently, 11 people in the charter industry were indicted for stealing more than $50 million. California has more charter schools than any other state, with more than 1,300. The original law capped the number at 100 but Billionaire Reed Hastings who served as chair of the state board , demolished the meager limits that existed. Ultican holds out hope that some actual reform might yet survive. "Anything, is better" than the complete deregulation that has currently allows unscrupulous grifters to feast on the money intended to pay for education.