From ABC7 New York · · 1m
Cranbury Township Loses $26M in Wire Transfer Theft
Cranbury Township officials report a $26 million wire transfer theft targeting affordable housing funds.
In brief
Cranbury Township officials report a $26 million wire transfer theft targeting affordable housing funds. Cranbury Township lost $26 million in a sophisticated wire transfer theft intended for affordable housing, recovering $17.3 million. Originally reported by ABC7 New York.
Theft Reported
Cranbury Township officials say the township was the victim of a sophisticated financial theft involving an approximately $26 million wire transfer intended for affordable housing.
Investigation Active
A multiagency task force led by Cranbury Township Police and Middlesex County Prosecutor's Office is investigating with support from local, county, state and federal law enforcement.
Funds Recovered
Investigators have frozen nearly $17.3 million in assets as they work to recover the stolen funds.
New Oversight Measures
Officials plan to introduce ordinances creating assistant township administrator and assistant chief financial officer positions.
Financial Recovery Efforts
Township officials will work with insurance carriers to evaluate recovery options and consider appointing PKF O'Connor Davies for financial consulting.
The big picture
Cranbury Township lost $26 million in a sophisticated wire transfer theft intended for affordable housing, recovering $17.3 million.
