World · North America · 10 hrs ago
Cranbury Township says $26 million was stolen in fraudulent transfer
Cranbury Township in New Jersey says a fraudulent wire transfer took about $26 million from municipal funds.
The transfer happened on September 28, and the money was meant to buy property for the township’s affordable-housing obligations.
Mayor Lisa Knierim announced the theft on November 6, more than five weeks after it happened and three days after Election Day.
Residents questioned why officials waited to disclose it, while Democrats retained control of all five seats on the Township Committee.
A task force involving local, county, state and federal agencies is working to recover the money, and investigators have frozen nearly $17.3 million.
That leaves about $8.7 million outside the reported freeze, and the investigation is still active.
Officials plan new oversight measures and are considering hiring a municipal accounting firm, while exploring possible recovery through insurance.
Cranbury Township, New Jersey, said about $26 million was stolen in a fraudulent wire transfer.
The transfer took place on Sept. 28, and the money had been designated to buy property for the township’s affordable housing obligations.
Officials disclosed the theft on Nov. 6, more than five weeks after it occurred and three days after Election Day.
Investigators have frozen nearly $17.3 million in assets, while about $8.7 million remains outside the reported freeze.
Residents questioned why officials waited to disclose the theft, and the township said the investigation remains active.
- Who
- Cranbury Township was the victim. The people responsible have not been identified in the sources.
- What
- About $26 million was stolen in a fraudulent wire transfer.
- When
- The transfer took place on Sept. 28, and officials disclosed it on Nov. 6.
- Where
- Cranbury Township, New Jersey.
- Why
- The funds were designated for property purchases to meet the township’s affordable housing obligations. The motive for the theft is not stated.
Cranbury Township residents
Cranbury Township officials
Disclosure timing
Cranbury Township residents
Residents questioned why the theft was not disclosed until after Election Day and called for greater transparency.
Cranbury Township officials
Officials acknowledged residents’ concerns but did not explain the delay; they said the investigation is active and further details cannot be released.
The fraudulent wire transfer took place.
The local election took place, with Democrat Thomas Szczur Jr. defeating Republican Carol Haring.
Township officials publicly disclosed the theft.
Officials said the investigation was active and that a task force was working to recover the funds.
- Reported theft
- Approximately $26 million
- Transfer date
- Sept. 28
- Public disclosure
- Nov. 6
- Assets frozen
- Nearly $17.3 million
- Funds outside reported freeze
- Approximately $8.7 million
- Intended use of funds
- Property purchases for affordable housing obligations
What people are saying
We recognize that news of this magnitude will understandably raise questions and concerns among our residents
Those concerns are legitimate, and we take them seriously.
I'm interested in knowing why this information was kept under wraps until after Election Day
If this occurred on September 28th why is it just now being shared?