Update on recovery of funds from fraud scheme
The City of Saskatoon has recovered roughly $380 thousand in funds that earlier this month were directed to a fraudster’s bank account through a fraud scheme. The vast majority of the remainder of the stolen money remains frozen by court order.
“Recovery of these funds continues to be a top priority and we’re encouraged to have over a third of the stolen money returned this early in the process,” says Interim Chief Financial Officer Clae Hack.
City Manager Jeff Jorgenson has committed to keep the public updated on recovery progress and to provide a formal public report once recovery efforts come to a close.
The City continues to actively work on the recovery of funds with banking institutions, the Saskatoon Police Service and the legal team based in Toronto where most Canadian banks are headquartered.
On August 16, 2019, an Ontario Superior Court judge ordered the City funds to be frozen. The vast majority of the $1.04 million obtained in the fraud scheme has been identified, traced and locked down by the Court.