EconomyBrief
Cranbury reports about $26 million stolen in housing land transfer
The New Jersey township said investigators froze assets as part of recovery efforts and outlined staffing measures for consideration at its November 9 meeting.
The numbers
- Approximate amount stolen in the wire transfer, as reported by Cranbury Township
- 26 USD million
- Assets investigators froze, nearly this amount, according to the township; not returned cash
- 17.3 USD million
Cranbury Township said on November 6 that about $26 million was stolen in a wire transfer intended for affordable-housing land, and that investigators had frozen nearly $17.3 million in assets.
The New Jersey township said the transfer occurred on September 28 and was meant to acquire land to meet affordable-housing obligations. It described the asset freeze as part of efforts to trace and recover the money; frozen assets are not the same as funds returned to the township.
The township said a multiagency investigation involved local, county, state and federal law enforcement, led by township police and the Middlesex County Prosecutor’s Office.
Fox News reported that several people commenting on the township’s Facebook page questioned why the September incident was disclosed later.
At its November 9 meeting, the Township Committee plans to introduce ordinances creating assistant township administrator and assistant chief financial officer positions. The committee also plans to consider appointing PKF O’Connor Davies for municipal financial consulting, the township said.
In its November 6 statement, the township said representatives were working with insurers to evaluate coverage and potential recovery.
What we don't know yet
- How much of the stolen money will ultimately be recovered?
- What will the investigation establish about the theft?
Timeline
A wire transfer designated for affordable-housing land acquisition was the subject of a theft, the township said.
Cranbury issued its financial-theft statement and described planned administrative measures.
The township committee plans to introduce staffing ordinances and consider a financial consulting appointment.