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The $3.5 million stolen is still missing from the pension system that represents more than 3,000 people, from active city employees to retirees and survivors. Image via itmanagerdaily.com.
Cybercrime happens
Image via Yahoo News
Quincy city employees pension fund victim of biggest bank heist ever in Quincy.
Hard on upon word of the ransomware attack upon the City of Quincy’s computer network last week comes late word of a $3.5 million cyber heist from the city employees’ pension fund that apparently happened a year ago per the reporting of a local broadcast investigative news reporter.
While Quincy Quarry was aware of this cyber heist, it was scooped by this reports – ending up scooped happens.
Asking questions no one in Quincy City Hall wants to answer absent presence of counsel
A WCVB image
Even so, what the Quarry can suggest is that the questions posed by the reporter were often far more knowing rhetorical questions than mere questions asked.
For example, there would appear to be some serious explaining to be demanded as to why city officials kept the theft under wraps for a year.
In particular, why city officials did not mention the $3.5 million cyberheist from the city pension in the prospectus for a controversial $475 million pension obligation bond offering so as to bail out the city’s woefully underfunded city employee pension fund until the state pension oversight board raised a stink about not doing so until literally but a few days before the bond offering when to market.
Mayor also missing?
A Quincy Quarry PhotoShop Phun Team graphic
Granted, the prospectus was then amended within what is said to have been twenty-four hours, the fact remains that the amendment to the bond offering prospectus would not have happened had the state pension board not raised a stint.
That and how the last amendment to the bond offering was not readily provided to parties with a reasonable expectation to have so been copied in a timely manner.
For example, Quincy’s city councillors and most espeically the local taxpayers who all are on the hook to pay off the $475 million bond.
The only good news is that retired former city employees need not worry about receiving their pension checks.
At the same time, with this bit of good news comes the bad news: at the end of the day, Quincy taxpayers are on the hook to cover any and all possible shortfalls in the city’s pension fund.
If you are going to lie, you go to jail for the lie rather than the crime. So believe me, don't ever lie.
— Richard M. Nixon (@dick_nixon) December 2, 2017
Needless to, Quincy Quarry’s evergrowing legions of loyal readers can count on Quincy Quarry to follow what is looking to be a long and painful story for the Koch Maladministration.
Source: Quincy employee pension fund hacked
Where is the FBI? Were they even notified?
The Patriot Ledger says yes, while the mayor says he does not recall!
I am a resident of Quincy and an experience trial attorney. While criminal wrongdoing is likely to be difficult to prove, gross negligence, breach of various duties of public office, and even fraudulent concealment are self-evident here, assuming the facts are accurate.
As taxpayers, we can come together and file a class-action lawsuit to hold the proper municipal officials responsible, either in their official capacity or their individual capacities.
Anyone interested in stuffing this $3.5 million down the throats of the Quincy Fat Cats, visit Farrell Law’s website or email us directly.
Dear Attorney Farrell,
Your website does not mention how Quincy residents can get involved in the proposed class-action lawsuit.
Can you kindly share more information?
Thank you.
Hard-pressed taxpayer,
Email was a suggested option. Have at it!
Wow, are you freaking kidding me? $3.5 million taxpayer dollars were sent to some scammer probably operating in a third-world country!
Even worse, it looks like city hall has been covering up the theft for a year! WTF?
I find it very hard to believe that the city and its fund manager were both fooled by a simple, all-to-common business email compromise scam! This scam is so old that it has an acronym – BEC.
I agree! Maybe this was an inside job, thus the cover-up.
Yes, it sounds like a complicated ask. Inside info and jargon were likely needed.
I wonder how many typos were ignored in the bogus emails :)
Some elected and appointed officials wear masks for different reasons.
I wonder if they sent the three and a half million dollars to the same Nigerian prince that emails me?
Was the fund manager asked to purchase Amazon gift cards? :)
Why are the victims just now learning about this colossal theft of pension money? Everyone involved with this year-long cover-up needs to go!
Wake up!!! Mayor Koch doesn’t care: he can not even recall the date the $3,500,000 was stolen. SMH.
The tone from our top local elected official was to cover up a three and a half million dollar theft!
Last week the city was named in an 8 million dollar wrongful death lawsuit!
If your read into both of these events, it is hard not to see a pattern of gross negligence.
Nothing to see here, folks; please move along.
Once again, our mayor refuses to man up.
Fyi, the Patriot Ledger also put out a story on the theft.
Failing to disclose material facts in the Pension Obligation Bond Offering Document could be considered misleading investors or possibly securities fraud. The US Securities and Exchange Commission (SEC) should investigate.
John,
True that.
In the meanwhile, Quincy Quarry has heard of more than a little this and that which would suggest that this latest Q-up on our peerless mayor’s watch is going to get a lot uglier. Wicked way uglier.
The tell: Koch is already trying to distance himself from having any role at the Quincy Pension Board.
So what, however, for the fact that at the time of the heist the board was as koched-up with hack hires as things get in the Q.
Misleading investors, taxpayers, and or pensioners are all in a day’s work for Mayor Koch and his slithering kleptocrat cronies.
Easy come, easy go.
Just raise taxes some more — problem solved! That’s the usual “solution” from the corrupt “What, me worry?” regime in City Hall.
Weak controls are costing our city and taxpayers millions of dollars!
Nobody from the city will be held accountable—more impunity.
SOP
If only the mayor were just 8 inches taller, things would be a lot different.
If the mayor were 8 inches taller, he would be straight.
Hilarious Roger, and I agree.
More like just still wouldn’t be six feet tall.
Is it Quincy’s Biggest Bank Heist or the City’s Biggest Giveaway?
Sadly, it is both.
The long-time locked-up old school bank robbers must all be in awe.
No gun, no disguise, no get way car, no running with heavy bags of cash; only an email asking that money be sent to your offshore account – and getting away with it!
Times have changed, and, astonishingly, the city has not kept up with the times regarding cyber security.
Proper controls and common sense could have saved the pension fund $3.5 million.
Mayor Koch and his limp posse fail to mention that the stolen money from the pension fund has already likely funded more crimes, both violent and nonviolent, victimizing even more people!
Moreover, disclosing the cyber heist right away may have put others on alert; thus preventing other BEC’s directed at local governments and businesses.
So who benefited (besides the criminals who stole the money) from the long cover-up?
The BS drifting out of city hall is deeper than the accumulation from the last snow storm.
I wonder what other things the city has been covering up! Mayor Koch has lost my trust.
What was the password of the former employee’s email account? I can only imagine.