Police confirm investigation into misappropriated funds in Cochrane

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OPP probes $2M misappropriated funds in Cochrane

Cochrane mayor comments on $2M in missing cash

Investigation in Cochrane over $2M in funds

Ontario Provincial Police confirmed Tuesday that a criminal investigation is underway related to the misappropriation of funds in the Town of Cochrane.

The community announced the probe last week, saying it involved $2 million of public funds that “had been misappropriated in relation to the Grain Bin (Agri-Modal) Project, beginning in 2021.”

“The misappropriation appears to have occurred under the purview of the town’s previous CAO, financial department and the former council,” a news release said.

Suspect identified

On Tuesday, Acting OPP Sgt. Martin Thibault told CTV News the investigation is being led by the crime unit at the OPP’s Cochrane detachment.

A suspect has been identified, Thibault said, adding he couldn’t elaborate any further. He said more information will be released once the investigation is completed.

Cochrane Mayor Peter Politis said last week that the town is planning a forensic audit “to thoroughly examine the entire matter and to provide appropriate transparency to the community.”

In an interview with CTV News, Politis said that no one currently on council or municipal staff was involved.

“So it makes it a little bit difficult to try to get to the bottom of what actually (took) place” he said.

“But what we can do is assure the public at this point that every stone will be turned over.”

In such a small community, he said $2 million is a huge amount of money.

“Obviously, this is a very serious matter,” Politis said.

“In the municipality where $90,000 is a one pers tax increase, it provides a pretty good perspective in terms of what’s at stake here.”

While much still needs to be investigated, he said it’s important for the town to be as upfront as possible about what’s going on.

“The public needs to be aware of what’s taking place here at the very least,” Politis said.

“So what we’re doing is creating that awareness and we’ll assure the public that we will continue to keep them apprised as legally permissible.”