Posted on 03/05/2008 8:08:53 AM PST by SmithL
The chief financial officer for the nonprofit that runs the recently opened, 800-car underground garage next to the M.H. de Young Memorial Museum in Golden Gate Park has been fired as investigators probe the disappearance of $3.6 million in garage funds - money that may have been flushed on the stock market.
The missing millions came to light a couple of weeks back when a vendor called the chairman of the Music Community Concourse Partnership board to complain that he hadn't been paid for his work on the garage, which opened in 2005, said Sam Singer, a spokesman for the nonprofit.
When garage chief financial officer Greg Colley was called in to explain, he asked for a little time to sort things out, Singer said. The next day, Colley turned up with an attorney and said he had borrowed the money to play the stock market, Singer said.
Colley said he had fully intended to return the money, but then the market took a nosedive.
With that, the nonprofit fired him, Singer said.
Singer said Colley is working on a restitution plan and has been fully cooperating with the garage nonprofit. Singer said the district attorney's office is investigating possible criminal violations, but no charges have been filed. A spokeswoman at the D.A.'s office declined to comment.
Colley's attorney, Julia Mezhinsky Jayne, expressed surprise Tuesday that the concourse partnership had gone public before prosecutors made a decision on whether to proceed with a case.
(Excerpt) Read more at sfgate.com ...
oopsie!
Of course, if he had made money on his stock plays, he would have immediately turned all the profits over to the partnership, since it was their money he put at risk, right?
Nothing out of SF is a surprise. The world’s largest outdoor insane asylum.
Well it is a non-profit after all, why should they care?
It's called embezzlement, fry his a$$.
A hot tip at the track?
I would check with Al Franken or Air America.
..”money that may have been flushed...”
Here’s something that should be flushed...how about the whole damned city?
No, he got an email about a really hot penny stock that’s a sure-fire rocket.
Of course. Minus a management fee obviously.
Maybe he could rob a bank and pay this back in just a few days or they should attach the proceeds from the book he is going to write in jail...
“The nonprofit that runs ... 800-car underground garage.”
Why is a parking garage a nonprofit?
Sounds like Colley is in training to be a CEO of a Fortune 500 company. He only lost a few million. Under the standards evidently used at Fortune 500 companies, shouldn’t he be getting a huge bonus??
Beat me by that much.
CFO. Of the garage.
Did they check between the cushions on the couch?
Naw!
All he has to do is have fund raising marches for Gay Pride, Gay anything, Rainbow agendas and any other liberal favorite maladies.
Then he can replace the money and have more.
Now if this guy had done a similiar act of crime/fraud on a corporation, the SF Gay Rhonicle would be calling for his head.
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