New Jersey town reveals $26 million theft three days after election

A New Jersey township has revealed that about $26 million was stolen in a fraudulent wire transfer, and residents are questioning why the massive theft was not disclosed until more than five weeks later — just days after Election Day. The theft took place on September 28, but officials made it public on November 6, three days after the midterm elections.

Cranbury Township Mayor Lisa Knierim announced on Friday that the municipality had been the victim of a 'sophisticated financial theft'. The funds were originally designated for purchasing property to meet the township's affordable housing obligations.

A task force involving local, county, state and federal law enforcement agencies, led by the township's police department and the Middlesex County Prosecutor's Office, is working to recover the funds, according to the mayor's statement.

So far, investigators have frozen nearly $17.3 million in assets, leaving approximately $8.7 million outside the reported freeze. The township said the investigation remains active, adding that additional details cannot be released.

Several residents responded to the announcement on the township's Facebook page, questioning the timing of the disclosure and demanding greater transparency from local officials. 'I'm interested in knowing why this information was kept under wraps until after Election Day,' one commenter wrote. Another asked, 'If this occurred on September 28th why is it just now being shared?'

The announcement followed Tuesday's local election, in which Democrat Thomas Szczur Jr. defeated Republican Carol Haring with 63.69 percent of the vote to Haring's 36.32 percent, according to election results published by the New Jersey secretary of state's office. Szczur's victory preserved Democrats' control of all five seats on the Cranbury Township Committee.

The mayor acknowledged residents' concerns in her statement. 'We recognize that news of this magnitude will understandably raise questions and concerns among our residents,' Knierim wrote. 'Those concerns are legitimate, and we take them seriously.'

Knierim also said the township was taking steps to strengthen financial oversight and maintain municipal operations. The Township Committee plans to introduce ordinances on Monday to establish two new positions: assistant township administrator and assistant chief financial officer. The committee also plans to consider hiring a municipal accounting firm for additional financial consulting support.

Officials are also working with insurance carriers to explore potential recovery options. It remains unclear why the township waited more than five weeks to publicly disclose the theft. Fox News Digital has reached out to the mayor's office for additional comment.