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Quincy $3.5 million cyberheist report finally released
– News about Quincy Massachusetts from Quincy Quarry News with commentary added.
“I’m in the money!! Quincy’s money …
Image via danieldervartanian.com
Quincy Quarry News has yet again scooped its media brethren.
The latest Quarry exposé is care of its scoring a copy of the State of Massachusetts’ Public Employee Retirement Administration Commission (“PERAC”) review of the February 2021 $3.5 million cyberheist of City of Quincy funds, meaning taxpayers money.
See the report here.
As for the report’s findings, while the Quarry’s Financial and Other Affairs Desk is still drilling down into it, the first read is damning of the inexcusably remiss loose practices of both the City of Quincy and the independent Quincy Retirement Board.
Also, while it is only reasonable to expect that Koch Maladministration and Quincy Retirement Board officials will endeavor to offload blame onto the COVID pandemic, the reality is that various long ongoing procedural weaknesses which facilitated the cyberheist long-predated COVID.
For but two example of procedures shortcomings, just the standard as well as easy to do practices of immediately closing the email account of a city employee leaving the public trough OR insisting on the usual monthly changing of workplace email passwords would have prevented the cyberheist.
How bad are implications of the Q-ups by Quincy officials?
It is the Quarry’s view that there is likely little to no way for the City of Quincy to recover all of the stolen funds, secure much – if any – recompense from those who moved the money as instructed or from any possible officers liability insurance as it does not appear that any such coverage was in place.
Quincy Police Chief Paul “The Beav” Keenan has not recovered the stolen money
A City of Quincy headshot
In any event, Quincy Quarry’s ever-growing legions of loyal readers can count on further coverage on this report as further analysis of it is completed.
Also anticipated will be seeing if the city and/or retirement fund officials are fired now the PERAC review has been released.
After all, they all but assuredly would have already been fired if they had been working in the dreaded private sector.
Room for two — at a time that is …
A file photo
In any event, do note the following: as near as the investment advisor to Quincy Retirement Board’s understanding, Quincy did set a first: it was the first of its clients to have ever so been cyberheisted.
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Great reporting. I really enjoy reading Quincy Quarry.
We now know the Quincy Police led the investigation into the alleged cyberheist. Has any from the Quincy Police Department been to Hong Kong?
I bet Chief Keenan now wishes that he hired that sharp and overqualified Cantonese-speaking rookie over his nephew – Mayor Koch’s son.
Do they have any suspects? Was it an inside job? Is the Hong Kong bank where the funds were wired cooperating?
Casinos, junkets, the Triad?
Is anybody writing a book yet?
How could Chief Keenen ever impartially investigate the theft, considering he is likely related to many involved?
Did the Quincy police deploy their white martial arts expert to Hong Kong to follow the money?
City officials are still in ‘cover-up’ mode and continue to hide the facts. What a farce.
Was the former pension board appointee not happy with her pension?
No real news here. We already know that clowns run the City Hall circus.
LMAO, Mo World Trading Co Limited. You can’t make this sh*t up! I wonder if QPD found a Nigerian connection?
Cyber heist? Really? Or, did Kim Jong-un finally collect his default judgment issued by the Pyongyang municipal court in 2017 against the City of Quincy for theft of state-owned copyright and intellectual property in the naming and bombastic design of Kim Joch Koch Plaza in front of City Hall?
Was the FBI too busy investigating Quincy City Hall corruption to take on the city’s fraud case?
Three and a half million more reasons to vote Koch out of office!
A year and a half late, three and a half million dollars short.