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Saskatoon recovers $400k in stolen funds

JOC News Service
Saskatoon recovers $400k in stolen funds
SHUTTERSTOCK

SASKATOON, SK. – The City of Saskatoon located and recovered $400 thousand in funds that scammers obtained from it in August.

By impersonating a construction company employee, fraudsters were able to direct $1.04 million in funds to a bank account.

City Manager Jeff Jorgenson says the city continues to actively work with law enforcement, banks, and its legal team to recover the remainder of the stolen money.

“There is an important court hearing taking place this week in Toronto,” Jorgenson says.  “It’s expected there will be further movement on the return of more funds following that hearing. For now, the funds still remain frozen in various bank accounts.”

Jorgenson announced that the city’s internal investigation has been completed and an update report will be provided to City Council and the public before the end of November.

Officials stated that after discovering the fraud in August, they took quick action and within several days an Ontario Superior Court judge ordered the City’s stolen funds to be frozen.

The vast majority of the $1.04 million obtained in the fraud scheme that has not been returned to the city has been identified, traced and locked down by the Court.

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