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If somebody steals your money, you have every right to try to get it back. So, simply put, Gloucester officials should not stand for any more stonewalling by TD Bank over about $5,000 missing beach parking revenue.
This is not to say that the bank, as an institution, made off with the city's cash. But there is compelling evidence that somebody within the bank did. And it is the responsibility of the bank to find out who did it or, failing that, to reimburse the city.
The shortage is clearly the bank's responsibility; the money disappeared when it was in TD Bank's custody.
The bank promised more than a month ago to conduct an internal investigation, but since then has not reported the results of that investigation. City Treasurer Jeffrey Towne says the bank is not returning his phone calls. That's not good.
Mayor Carolyn Kirk said this week that if the bank doesn't respond soon, she will ramp up the pressure. Frankly, yesterday would not have been soon enough. The last time there was any communication from the bank was the end of July, and a month is more than long enough.
The problem goes back to June, when officials noticed that what was reported collected in beach parking fees was more than what ended up being deposited in the bank.
Initially, officials concede they were concerned that the shortfalls might have been tied to either sloppiness or outright thefts on the part of by beach workers. One was let go on July 2; another was suspended with pay, though he would later be reinstated.
Those actions now seem unfortunate, though they had a context. Let's face, it, there has been a track record of beach parking embezzlement over time — most notably in a high-profile 1981-'82 scheme that cost the city more than $156,000.
But this time, after the initial exits of the two city employees, the discrepancies did not end — they reportedly got worse. So Gloucester police detectives and Towne carried out a scheme of their own; they executed what is known as a controlled drop, confirming the money in the bank deposit box. And they confirmed that the deposit credited by TD Bank to the account once came up short of the verified deposit; in one case, it was off by about $1,200. That clearly indicates that the loss could only have happened within the bank.
It's frankly hard to believe that a bank, with video cameras everywhere, does not have some video to suggest who is involved. And it is not just the city's interests at stake here, the credibility and trust of the bank is at state as well.
This is not a matter of big bucks, either for the city or the bank. Still, is a significant, ongoing theft that has affected employees of the city, and raises serious questions about the bank's integrity as well.
There is no good reason for TD Bank to ignore city officials. And those officials owe it to Gloucester residents and city employees to make sure the bank does not get off scot-free with $5,000 of the city's cash — and what should be considered a criminal offense.
