New Jersey Town Loses $26 Million, Keeps Theft Quiet Until After Election
A New Jersey town lost $26 million in a fraudulent wire transfer, but residents did not learn about the theft until after Election Day. The news has sparked anger in Cranbury Township, where people are demanding to know how so much money disappeared.
The funds were meant to buy land for affordable housing. Instead, the September 28 transaction led to a major criminal investigation involving several police agencies. Millions of dollars have since been frozen, but much of the money remains unaccounted for.
Mayor Lisa Knierim announced the theft on November 6, three days after voters elected a new member of the Township Committee. The timing raised questions about why residents had been kept in the dark for more than five weeks.
Police Chief Giuseppe DeChiara has since taken responsibility for the delay, saying he ordered officials to remain silent to protect the investigation. His explanation came as frustrated residents gathered at a public meeting, worried about the missing funds and what the loss could mean for their taxes.
Why Keep Quiet?
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In a November 9 statement, DeChiara explained that he had ordered township employees not to discuss the theft publicly. The order later included Knierim and the Township Committee.
He feared that an early announcement could alert the people behind the scheme, giving them time to move the stolen funds.
“Let me repeat that the decision of when and what information is released to the public has been solely my decision,” DeChiara wrote.
Before that explanation, the delay had drawn criticism because of its timing. Democrat Thomas Szczur Jr. defeated Republican Carol Haring in the November 3 election, keeping all five Township Committee seats under Democratic control.
Residents questioned why they were allowed to vote without knowing about the town’s financial crisis. The police chief’s statement offered an investigative reason for the silence, rather than a political one.
Following the Money
According to the township’s official report, the stolen funds were designated for a land purchase tied to Cranbury’s affordable housing obligations.
Investigators have frozen nearly $17.3 million in assets, leaving roughly $8.7 million outside the reported freeze. Frozen assets are not the same as money returned to the township.
The Cranbury Township Police Department and Middlesex County Prosecutor’s Office are leading the investigation, with support from state and federal agencies.
DeChiara said the remaining funds appear to have passed through several accounts and transactions. Police continue tracing those movements as they work to identify the people involved.
Residents Push Back
Anger over the theft spilled into a November 9 Township Committee meeting, where residents demanded answers about the town’s financial controls.
According to News 12 New Jersey, some attendees called for firings and resignations.
“I’m disgusted. Many people in town are disgusted,” one resident told the meeting.
Others questioned whether taxpayers could face higher costs if the township fails to recover the money. The loss also raised concerns about how Cranbury would pay for the property needed to meet its housing obligations.
Knierim defended the decision to protect the investigation. DeChiara told residents that speaking publicly too soon could have allowed those responsible to liquidate assets before police could freeze them.
New Financial Safeguards
Town officials are now trying to strengthen oversight of municipal finances.
The Township Committee introduced measures on November 9 to add financial and administrative leadership. The township’s original proposal called for an assistant township administrator and an assistant chief financial officer.
Officials also planned to bring in accounting firm PKF O’Connor Davies for consulting support. Insurance carriers are being contacted to explore possible ways to cover some of the loss.
The investigation remains active. Police have not publicly identified the people responsible for the theft, while investigators continue tracing the transactions and working to recover the remaining funds.
