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Quincy Quarry News Weekly Fish Wrap: Quincy Pension Cyberheist report hits the fan and Quincy Mayor Koch then opts to duck for cover
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Quincy Quarry News Weekly Fish Wrap: Quincy Pension Cyberheist report hits the fan and Quincy Mayor Thomas P. Koch then opts to duck for cover.
The long-awaited Massachusetts Public Employees Retirement Administration Commission’s investigation report on the cyberheist of $3.5 million from the Quincy Retirement Board’s investment portfolio has finally been released.
As dissected by Quincy Quarry News’ Financial and Other Affairs Desk as well as its cyber investigation unit, both City of Quincy and Quincy Retirement Board personnel engaged in all manner of gobsmacking as well as at least arguably malfeasant mispractices as well as also failed to undertake merely but baseline cyber security protection procedures.
How woeful?
WTQ?
A meme
Merely but closing the email account of the now former Quincy Retirement Board that was used to effect the $3.5 million cyberheist when she left the job two months before the heist went down or if she had merely but once changing the password of her email account during eighteen month period before she left the job in the wake of a known compromise of her email account the heist would have all but assuredly so been thwarted.
Breaking into this account is easier than finding the key under the doormat
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That or if the Quincy Retirement Board had but duly advised the pension fund’s outside investment and funds management providers that she had left the job and so instead further left the door wide open for cyberheisters to use her email account to pull off their heist.
Further woeful, the Quincy Retirement Board did not spot the missing $3.5 million for eight months as its books were hot messes.
In fact, the Quincy Retirement Board’s books were in such bad shape that the Public Employees Retirement Administration Commission first threatened to take away the retirement board’s authority to make investment decisions with the City of Quincy’s retirement funds and then later did pull the plug on board’s decision making authority but a few weeks before the cyberheist was finally discovered roughly eight months after the heist went down.
Easy money!!!
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Further note that the only way the cyberheist was spotted in the first place was because the Public Employees Retirement Administration Commission had concurrently insisted that the Quincy Retirement Board get its books in order even if such did not happen until eight months after the cyberheist went down.
Further appalling yet, after the Koch Maladministration had previously promised that it would address matters with the City Council after the Public Employees Retirement Administration Commission released its report, Mayor Koch’s mouthpiece Pinocchio Walkbacker announced that the maladministration will now not be honoring this promise.
Additionally appalling, Pinocchio added that he Quincy Retirement Board would not appear before the City Council to discuss things.
So what, apparently, for the fact that the retirement board is an independent body and thus “technically” not under the control of the mayor but does have an obligation to explain at least certain things to the Quincy City Council.
Watergate plumbers …
Washington DC Police mugshots
In short, the Koch Machine is thus playing with fire as one of the most lessons to be learned from Watergate is that stonewalling things in the face of irrefutable as well as embarrassing evidence is only asking for even more trouble.
Needless to say, as Quincy Quarry News’ ever-growing legions of loyal readers can readily assume, the Quarry did not reach out to the Quincy Retirement Board, the Koch Maladministration or the Quincy Police Department for comment as no way would any of them respond.
Dime calls dropped to the Quincy Quarry News newsroom
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At the same time, loyal readers can rest assured that others outside of reach of the Koch Machine’s tentacles have been as well as are planned to soon be contacted with questions and that the Quarry will then subsequently report on their answers.
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I read that PERAC report twice.
Why has nobody been criminally charged with the cyber heist?
More troubling, why have the city’s employees who helped facilitate the loss of over three and a half million dollars been fired?
Mayor Koch owes taxpayers some answers!
It took the pension board EIGHT MONTHS to open the email regarding transferring over $3,5000,000 to “MO WORLD TRADING CO LIMITED,” a shell company that was only opened on Jan 24th, 2021, in Hong Kong, China!
No surprise! Mayor Koch has worked extra hard to keep this fraud from the public since the theft was discovered. I wonder what other losses the city is hiding from the public.
When will Quincy taxpayers have to repay the millions of dollars stolen, plus legal fees?
How can Mayor Koch sleep at night?
Seen him lately? He looks like a steroidal picture of Dorian Gray.
I hope he got his #MonekyPox vaccination.
It has been twenty months since the theft. Why have no arrests been made? Has anyone been criminally charged?
Rats, all of them!
An inside job? Where did the money go?
My local bookie is taking action on what day of the week the city hall raid will go down and how many yards of yellow crime scene tape the @FBI use. I put a dime on Tuesday and took the over on the roll.
Did the cybercriminal score more than millions in cash? How many other people’s emails were compromised? Blackmail? Incriminating photos, documents?
I bet the hackers got the goods on the people running city hall.
At a minimum, played the fools something fierce.
The only suspects must be city hall employees.
Employees? Don’t you mean relatives of Thomas P Koch?
Forget it, Jake. It’s Chinatown.
The last good news I heard from Quincy City Hall was learning Santa Claus survived ?
#HolidayHorror2016 #NeverForget
No doubt they are keeping hush—what a sh*t show. Sadly, the stolen $3.5 million is undoubtedly being used to finance other crimes. Way to go, Quincy!