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Quincy Quarry News actually follows the cyberheisted Quincy Retirement Board money, unlike apparently others …
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– News about Quincy Massachusetts from Quincy Quarry News with commentary added.
Deep Wire on line two!
A Warner Brothers image
Quincy Quarry News actually follows the cyberheisted Quincy Retirement Board money as apparently no else has duly followed the money after it was wired along to Hong Kong in what is by far the Quarry’s most extensively researched exposé to date.
For example, Quarry findings include that apparently perhaps the Quincy Police Department, the reported lead criminal investigator on the case, may have dropped the Q.
Shemp did it
An old Columbia Pictures
As reported previously as well as often (see Related Stories listed below), Quincy Quarry has recapped multiple examples of woefully at least negligent failings by the Quincy Retirement Board and City of Quincy to undertake the most basic and often simple steps to buttress their cyber security.
Especially appalling, merely implementing any but one of a number of basic cyber security procedures not done could have all by itself all but assuredly thwarted the February 2021 $3.5 million cyberheist, it now clearly appears that perhaps the Quincy Police Department subsequently also Q’ed up..
Examining the data
A Free Republic image
As previously reported by the Quincy Quarry, its cyber investigation’s desk quickly discerned particulars on the putative Hong Kong company that used its bank account to receive the cyberheisted funds via a scammed wire transfer.
For example, how the business registration needed to open up a bank account used a company name known to have been used a decade ago by Nigerian cyberheisters known by those in the know.
Additionally, the business registration in Hong Kong was filed but days before the heist went down as well as surely then the bank account used to receive the wired funds was opened shortly thereafter.
Additionally, Quincy Quarry News’ cyber investigation desk was so able to also score the name of the person noted on the company registration as it purported owner as well as other useful information.
Granted, while the individual is likely a ghost, such is not necessarily a fatal problem as noted below.
Cha-CHING!!!
Image via the BBC
And to those who find a Nigerian connection in Hong Kong dubious, the reality of things is Hong Kong has long been a haven for money laundering as well as that things are so bad as regards Nigeria that China and Nigeria just this month announced a joint law enforcement compact so as to endeavor to combat the Nigeria/Hong Kong cyber crime connection.
Returning to following the $3.5 million cyberheisted from the Quincy Retirement Board, Quincy Quarry found that the surely dummy company likely behind the Hong Kong Bank account to which the funds were sent is still in good standing.
Ya think?
A file photo
This was a gobsmaking discovery as per usual practice, Hong Kong authorities will “strike” a company upon their receipt of information demonstrating that a fraud has surely been committed without the underlying matter necessarily going to trial.
Not only is such a company so banned from operating legally in Hong Kong if stricken, striking a company also red flags it for any third party who might want to check out the company.
For example, by a bank as regards a stricken company seeking to open up a bank account as such is not going to happen if the bank finds out that the company has been stricken.
And as for information that can give rise to a striking imposed by Hong Kong officials, such includes the presentation of a compelling criminal case filing of an alleged crime or crimes that relied on the company some way or other such as by using its bank account as was the case in this instance..
Was a criminal case filed with a court?
A file photo
In Massachusetts, a sufficient and proper criminal case must be submitted to the appropriate state court.
In turn, then given an enabling order issued by a Massachusetts judge, the criminal case submitting in-state police force is then variously able to effectively reach out to others such as in this case Hong Kong officials, including its police, and the bank that was misused to help move the scammed money.
In the case of the Quincy Retirement Board, the lead investigator for this $3.5 million international cyberheist has been widely noted as the Quincy Police Department
Not exactly hot on the trail?
A file photo
Per Quincy Quarry’s review of court files, however, it could not find any indication that the Quincy Police Department has filed a criminal case with a Massachusetts court jurisdiction.
None whatsoever.
Granted, perhaps the Quarry could not find any such filing as perhaps the Quincy police may have filed a case per particulars that are not as exacting as they should be as far as the germane parties in Hong Kong might be concerned.
Quincy Quarry scores a name under the hoodie
A Yahoo file photo
For example, perhaps not properly citing the name of the party Quincy Quarry readily found to be noted as the owner of the all but assuredly straw company that was set up in Hong Kong so as to facilitate the cyberheist.
In turn, if this or similar sorts of shortcomings are – in fact – the case, the bank account is likely also still in good standing as absent the filing of the appropriate papers with the appropriate Hong Kong officials so to at least freeze the account and so also freeze any funds that may still be in it.
If such a failure to act is the case, at least several potential collateral problems appear to perhaps still be ongoing.
Yet again things hit the fan in a City on the Move
An iconic Quincy Quarry News file photo
For example, a usual practice by cyberheisters is leave some money behind in a bank account that has been used to launder money,
Key reasons for doing so are twofold as well as intertwined.
One is to not raise suspicions by bank officials.
And the other: scammers opt for a basically a quick one and done partial cashing out of their ill-gotten gains as endeavoring multiple withdrawals of any such ill-gotten funds after the original withdrawal is only asking to end up arrested by the police.
Bird in the hand, handful of benjamins – whatever
Image via PACEDm.com
In short, a bird in the hand …
As such, if the Quincy Police Department did fail to properly file a criminal case report with the appropriate Hong Kong entities, any possible remaining funds in the bank account will not be frozen.
Additionally, not doing so also undercuts undertaking a first step towards endeavoring the recovery of at least some of the stolen funds if any funds may still be in the bank account.
Gone fishing instead?
Image via pixnio.com
Further problematic, if the Quincy Police Department has not duly filed a criminal case report, it is only reasonable to wonder if perhaps the Quincy Police Department may have viewed the cyber trail as cold as the heist was not discovered until eight months after it went down as the Quincy Retirement Board’s books were a hot mess and Quincy Police may have thus assumed that the Quincy Retirement Board could opt to recover the stolen $3.5 million by filing negligence sorts of claims against the investment company that was played to score the $3.5 million Business Email Compromise cyberheist as well as the bank which then wired the money to Hong Kong.
Trouble in court ahead?
An old Columbia Pictures image
If such is essentially the case, there would problems for pursuing this possible course of recompense.
For example, absent filing a proper criminal case report, the underlying criminal activity is not duly put on the record and thus the Quincy Retirement Board would not have a crucial document in place to pursue a damages claim against the investment fund and the bank who were scammed via the Business Email Compromise scam.
Alternatively, as well as again, if a criminal case report was filed but then not duly presented to the appropriate parties in Hong Kong, such could well pose problems for the Quincy Retirement Board to seek recompense from the scammed invested manager of the board’s invested funds and the bank that wired the money along to Hong Kong.
INBOUND!!!
Image via itmanagerdaily.com
In fairness to the Quincy Police Department, it must be the FBI also does not exactly have its act together investigating cyber crimes either.
Even so, it would still clearly appear that various basics such as filing duly filing a police criminal case report and engaging in at least some standard investigation activities may have not been properly undertaken and such baits all sorts of questions.
Questions which will likely not be answered any time soon, if ever, as the Koch Maladministration has announced that the Quincy Retirement Board will not be appearing before the Quincy City Council even if the maladministration has at least twice on the record said that such an appearance before the council would happen after the Massachusetts Public Employee Retirement Administration Commission issued its review of the cyberheist and which it did earlier this month.
The standard profiles of koched-up appointees.
Illumination Entertainment/Universal Pictures image
So what also for the fact that the Quincy Retirement Board is a wholly independent entity and thus not under Quincy Mayor Thomas P. Koch’s stubby thumb.
At least not technically, that is.
It also appears that the City of Quincy in general as well as the city’s Information Technology Department in particular will also not be appearing before the City Council for only proper as well as well-deserved grillings.
Further, there are arguable problems with conflict of interest both generally as well as specifically.
Especially specific.
For example, the Quincy Police Department was tasked with investigating a criminal case had multiple victims.
Did this Quincy flat foot fall flat on his face?
A City of Quincy head shot
Victims included various operations tied to the City of Quincy as well as several outside entities involved in the investing and handling of city employee pension funds.
Throw in the fact that the Quincy Police is likely to not exactly be aces at investigating international cyber crime nor has much, if any, presence in Hong Kong, turning things over to at least the state police, if not to the feds, was clearly the better way to have gone in the first place.
And then on a personal level of arguable conflict of interest, the Quarry can only properly note that the Quincy Police Chief Paul “the Beav” Keenan is one of Quincy Mayor Thomas P, Koch’s brothers-in-law and so far Chief Keenan’s silence on the cyberheist has arguably covered Mayor Koch’s tukas.
“FYI, not my fault”
A still image from a City of Quincy YouTube
Needless to say, Quincy Quarry News’ ever-growing legions of loyal readers can count on the Quarry to continue to follow the story and so endeavor to exposé those who deserve exposing.
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So the City of Quincy is chasing victims and not criminals? Scandalous if true.
The cake-eaters running the City of Quincy care only about themselves!
It sounds like City Hall denizens are trying keep the cyber heist hush because they’re focused on suing the other victims and dragging them through the mud rather than catching the actual criminals and recovering the stolen funds.
Tommy Koch may have told his police chief brother-in-law, “heck, don’t bother — they’ve got insurance!’ HELLO!!! that’s conspiracy to commit insurance fraud.
The theft happened twenty months ago! We deserve to hear the facts of the case and the status of the investigation, including the names of those charged with the crime.
Betsy,
No argument, the public should know more, especially current city employees paying into the pension fund,, current city pensioners, and local taxpayers who are subsidizing the city’s pension obligations. The problem is, the Quincy Police looks to not have a clue as it has apparently not named any suspects even though Quincy Quarry was able to quickly gather a list of suspects and their likely associates.
When will the Quincy Police SWAT up and raid Standard Charter Banks’ local branch for records?
Again, your honor, the City of Quincy would like to invoke its fifth right to remain silent.
Serving up yet another Quincy Quarry beatdown of the mayor does not help.
Quincy is blessed to have Tommy at the helm, especially during these stormy times.
The nonsense written about Chief Keenen is just that – nonsense. He is a highly decorated and respected police chief!
People here need to relax and trust the mayor and the process.
Pork,
FYI, c/o Mayor Koch’s free spending — if not also profligate — ways, the City of Quincy’s outstanding debt has roughly quadrupled on his watch.
In turn, in upcoming years, the city’s annual debt service will roughly triple from current levels. This increase will come home to roost on already high local property tax bills as well as also likely give rise to ugly cuts in local services.
Even so, Koch is still planning to spend even more tax dollars on even more of his over the top “edifice complexes.”
Also note that his ill-advised scheme to endeavor to bail out the city’s then woefully underfunded employee pension obligations instead ended up upside down by around $100 million or thereabouts from plan but a year later.
Think what you may, but Tommy’s hands are not on a par with Allstate’s. Not even close.
And as for the Beav, his impending mandatory retirement could not come soon enough.
Just the Quincy Police Department’s multiple cover-ups on the surely in the bag statie whacking a house in Houghs Neck alone would have seen the chief kicked to the curb were he not surely but coincidentally one of Koch’s brothers-in-law..
Trust the mayor?
Be serious.
How could ANYONE not trust Tom Koch? The man is a pillar in our community, a man of God, not to mention a lifelong city servant.
Get over it; the cyber heist had zero to do with the mayor’s office.
Regarding the editor’s comments, Mayor Koch is one man managing hundreds of employees in a big city.
Further, the city council provides checks and balances.
Stop the blame game! Cybercrime happens.
Are you the mayor’s wife or a city employee?
What word does not belong in the group below?
a) Koch
b) Keenan
c) Walker
d) Timmins
e) trustworthy
If you answered e, you are correct. Koch, Keenan, Walker, and Timmins are not trustworthy.
Pork Chop ? wake up and smell that free city coffee.
You forgot the “/s”
Breaking: Man of God signs off on more marijuana-impaired drivers on Quincy’s busy roads and happy endings for all
Porky is just another Koch sucker.
Dom, it is sad that my supporting Mayor Thomas P. Koch triggers you. Like it or not, Tom Koch is a legend whose vision and hard work have transformed Quincy for the better. I suggest you seek some professional psychiatric help.
Pork,
Do yourself a favor and come out of the closet.
I used to come out of your mom’s closet after your dad left for work — small world.
Get back on your meds!
Thanks for the FYI Pork! Now I know why my mom was always complaining that her heels were all stretched out.
Pork Chop is smoking too much of Koch’s legal weed.
Wolly,
More like but a sprout than a weed, but point taken.
Mayor Tom Koch welcomed medical marijuana to the city many years ago when it was still controversial. Koch is a leader! Soon after, other municipalities soon followed Mayor Koch’s lead.
Mayor Koch followed up by approving recreational marijuana sales in the city last year. The first license was awarded to a son of the city and Quincy center business owner of thirty years.
Medical marijuana is not taxed; however, recreational marijuana is heavily taxed. Tom was sharp so see the opportunity to create a new stream of passive revenue for the city – out of thin air.
Moreover, he deserves big kudos for finding the perfect licensee/partner to open the only rec pot shop in the city.
Just another win-win for Quincy taxpayers.
I look forward to seeing you looney tinfoil hat-wearing commenters at the Mayor Thomas P. Koch Highway dedication ceremony this spring.
It will surely be a grand event and include that “free city coffee!” They may be hiring clowns for the event, so all you lunes should check the city’s website employment listings.
Pork,
Medicinal marijuana is subject to local taxation.
And as for the local legal marijuana revenue, one cannot help but wonder how much of it ends up going to the Quincy Police Department to deal with problems caused by stoners.
Next, any idea if the hairdresser son of a hairdresser also knows what Clairol knows about Mayor Koch real hair color? After all, one can imagine how keeping that a secret could be worth a pot shop license.
Then again, surely it is but a coincidence that the property owner/landlord of the two of three pot shops in Quincy is one of Mayor Koch’s “traveling companions?”
Porky proves my point. I rest my case.
Listen, meathead, the tax goes to the state. Maybe Quincy collects a small fee, but at what cost?
J,
Technically, Ermont pays the City of Quincy a percentage of its sales as a “host agreement” fee. No clue as to how much as — well — you know.
https://www.patriotledger.com/story/lifestyle/health-fitness/2014/02/07/quincy-medical-marijuana-dispensary-expects/39368244007/
The pothead endorsed by the mayor goes legit, haha. Edward Scissor Hands must have underestimated the number of envelopes — containing cash – required to commence operation at his already built-out high-traffic location.
#SayNoToDrugs