'Shocked and disgusted;' Cranbury residents sound off after township loses $26M in wire transfer scheme
Cranbury police have since been able to freeze a little more than $17 million, which the township says it should be able to recover.
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Cranbury residents are demanding answers after township officials publicly addressed for the first time the theft of $26 million in a wire transfer scheme.
Township committee members say Cranbury became the victim of a sophisticated financial theft on Sept. 28. The $26 million was designated for the purchase of property for affordable housing and to help fulfill the township’s housing obligations.
Cranbury police have since been able to freeze a little more than $17 million, which the township says it should be able to recover.
But residents at Monday night’s township committee meeting questioned how the money disappeared and why they did not learn about the theft until November.
“To discover that millions have vanished under your watch is both shocking and entirely unacceptable,” one person said.
Another called for those responsible to be fired and those responsible for oversight to resign.
“I’m disgusted. Many people in town are disgusted,” another person said.
Officials say they kept the theft from the public while investigators worked to trace and recover the money.
“We kept things quiet. We kept them quiet for a reason,” Cranbury Police Chief Giuseppe DeChiara said. “If we tipped our hand too early, they could have liquidated everything.”
Mayor Lisa Knierim also defended withholding details, saying protecting the investigation could give law enforcement an opportunity to recover more taxpayer money.
Township officials introduced ordinances Monday to hire a township administrator and a chief financial officer.
There is still no word on who may be responsible for stealing the money.
