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$1.5M in cities' transit coinage missing
$1.5M in cities' transit coinage missing
FROM: http://www.upi.com/Top_News/Internat...9171265727041/ TORONTO, Feb. 9 (UPI) -- Police in and around Toronto are investigating how some $1.5 million in transit fare and parking meter coins are unaccounted for, city officials said. An audit in Toronto alerted authorities to the discrepancy as officials in neighboring Vaughn and Mississauga and the city of Hamilton also reviewed their dealings with the Avero Security armored truck company, the Toronto Star reported Tuesday. Irregularities in bank deposits Avero made on the cities' behalf date back as far as 2007, when company officials apologized and said the discrepancies would be rectified, the report said. None of the four municipalities were aware the others were experiencing problems, the Star said. Transit and parking fees are almost entirely paid with coins ranging in value from five cents to $2. Avero was contracted to sort, roll and deposit the tons of coins, although the Star quoted investigative sources as saying the company has gone out of business. Preliminary estimates show Hamilton took the biggest loss of about $1 million, while Toronto auditors estimate $320,000 was missing, the report said. .... |
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$1.5M in cities' transit coinage missing
On Feb 9, 11:25*am, "Arizona Coin Collector"
wrote: $1.5M in cities' transit coinage missing FROM:http://www.upi.com/Top_News/Internat...M-in-cities-tr... TORONTO, Feb. 9 (UPI) -- Police in and around Toronto are investigating how some $1.5 million in transit fare and parking meter coins are unaccounted for, city officials said. An audit in Toronto alerted authorities to the discrepancy as officials in neighboring Vaughn and Mississauga and the city of Hamilton also reviewed their dealings with the Avero Security armored truck company, the Toronto Star reported Tuesday. Irregularities in bank deposits Avero made on the cities' behalf date back as far as 2007, when company officials apologized and said the discrepancies would be rectified, the report said. None of the four municipalities were aware the others were experiencing problems, the Star said. Transit and parking fees are almost entirely paid with coins ranging in value from five cents to $2. Avero was contracted to sort, roll and deposit the tons of coins, although the Star quoted investigative sources as saying the company has gone out of business. Preliminary estimates show Hamilton took the biggest loss of about $1 million, while Toronto auditors estimate $320,000 was missing, the report said. ... The Canadians are obviously mathematically challenged. First they lose 16 million in precious metals at the RCM, then attribute it to math errors. Since you can't hardly "lose" (and can't hardly even steal) the sheer amount of physical coinage noted in this article, the RCMP will also eventually come back and say "math error". oly At home today because the jolly Canadians like to send vast "missing" amounts of cold air to the Midwest... |
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$1.5M in cities' transit coinage missing
On 2/9/2010 1:27 PM, oly wrote:
The Canadians are obviously mathematically challenged. First they lose 16 million in precious metals at the RCM, then attribute it to math errors. Since you can't hardly "lose" (and can't hardly even steal) the sheer amount of physical coinage noted in this article, the RCMP will also eventually come back and say "math error". Three years to steal $1.5M in Loonies and Twonies? I think it could be done. I doubt people actually use nickels. Last time I paid a parking kiosk in Toronto, it accepted $1 and $2 coins. For Toronto's missing CAD$320,000 you could be talking perhaps 250,000 coins over a three year period. For Hamilton, make it another 400,000 or so coins. |
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