$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.


....

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...

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.