#UPDATE: $3.6 million STILL missing from Miami Beach coffers...

UPDATE: Money STILL Missing: Miami Herald reporting:"$3.6 million missing in Miami Beach"

Miami Herald Reports:"$3.6 million missing in Miami Beach"

BY JOEY FLECHAS

jflechas@miamiherald.com

About $3.6 million is missing from one of Miami Beach’s bank accounts, leaving administrators and law enforcement agencies scrambling to figure out how it happened, who did it and why no one noticed earlier.

In a letter sent Wednesday to the city commission, City Manager Jimmy Morales said he learned earlier this week that someone had accessed bank information for one of the city’s accounts and illegally set up an automatic transfer to other banks. The money moved the way one would set up automatic payments out of a personal bank account to pay monthly bills.

Over an unspecified period of time, dozens of transfers from the Beach’s SunTrust account amounted to $3.6 million — taxpayer money that flowed out of the city’s coffers and should have been noticed by the finance department.
“This is shocking,” said Commissioner Kristen Rosen Gonzalez. “I am waiting for an explanation.”

"I don’t think we could have prevented this, but we should have caught it sooner." 
-City Manager Jimmy Morales

Morales said the city is the victim of bank fraud and that he doesn’t believe city employees are to blame, but details won’t be clear until the investigation concludes. Two managers in the finance department who Morales said should have noticed the unauthorized transfers resigned Wednesday as Beach police and FBI agents continue looking into what happened.

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