Hopefully he was robbed, and hopefully the president was doing his job checking bank statements. If not on both, the USBC bond will not cover it, let alone the full amount or half. Not to mention, both will get the ban from league play for up to 5yrs or more.
A league I use to bowl in, and the wife use to be secretary, had this happen last fall. The president never got bank statements, and the secretary never made cash deposits, just checks. When the checks cleared, he withdrew that money. The president is on the hook for a 5yr ban, depending on usbc ruling.