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Cranbury Township, in Middlesex County, New Jersey, says a wire transfer of about $26 million meant to buy land for affordable housing was stolen, and investigators have frozen nearly $17.3 million in assets as they work to trace and recover the money.
Cranbury is a small township in central New Jersey, near Princeton. The money was designated to buy property to fulfill the township’s affordable housing obligations, and because it is public money, the loss falls on taxpayers unless it is recovered.
The township disclosed the theft Friday in a statement and a message to residents. The wire went out September 28 and was designated for the acquisition of land to fulfill the township’s affordable housing obligations. For taxpayers, that is public money: the township says it is pursuing every available avenue for financial recovery, including a review of its insurance coverage.
A multiagency task force of local, county, state and federal law enforcement, led by the Cranbury Township Police Department and the Middlesex County Prosecutor’s Office, is investigating. The township said investigators have frozen assets totaling nearly $17.3 million, though frozen assets are not necessarily recovered cash. No suspect has been named and no charges announced.
“The theft of public funds is an extremely serious matter,” Mayor Lisa Knierim said. “Our immediate priorities remain supporting the investigation, pursuing every available avenue for financial recovery, and ensuring continuity of municipal operations.” Police Chief Giuseppe DeChiara said accountability remains a priority and that his department is assisting “the pursuit of all available leads toward the recovery of the public funds.”
At its Monday meeting, the Township Committee will introduce ordinances creating the positions of assistant township administrator and assistant chief financial officer, and take up a resolution appointing PKF O’Connor Davies to provide municipal financial consulting support.
JBizNews Desk | Cranbury, New Jersey
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