“Simple as that. It was human error.”
The City of Virginia Beach is trying to recoup $600,000 from a company in California that was mistakenly wired the money in early 2005. The man who runs the company has only a single asset: his home, worth $1 million but it has a first mortgage of $500,000 on it already.
The article says $60,000 was wired to the firm every two weeks for 5 months. Further, it says that the city got $104,000 before they filed suit. Assuming that the “every two weeks” really means twice a month, that would be a total of $600,000. Deducting the $104,000 already reimbursed would leave a balance of $496,000.
Sounds to me like this guy is a candidate for one of those 100% mortgages 
This is classic. $60,000 a year is a decent salary and this guy was getting it twice a month for doing nothing.
Any word on whether or not Jack Abramoff was involved. I imagine he’d be able to pull off a deal like this
Posted by Bryan J. Scrafford | Saturday, December 16, 2006, 7:30 pmHe only has one asset? What did he do with the money? From the look of it, he paid off his mortgage!
Posted by Jack | Saturday, December 16, 2006, 8:55 pmAmazing. I read in the AP report that there was a miscommunication between the payroll office and the treasurer. That’s an expensive miscommunication.
Posted by Ingrid | Sunday, December 17, 2006, 9:25 am