Former finance official ‘stole $53 million from city funds in Illinois’

Posted by matthew | On: May 04 2012

A former finance official stole more than $53 million in city funds from former President Ronald Reagan’s boyhood hometown in Illinois in a fraud that spanned more than two decades, US prosecutors said on Tuesday.

Rita Crundwell, 59, who had served as comptroller of Dixon, Illinois since 1983, used the money to buy three homes, more than a dozen cars, trucks and other vehicles, and to invest in a horse farm that has 311 quarter horses, the US Attorney’s Office for the Northern District of Illinois in Chicago said.

Crundwell was arrested in mid-April and charged with stealing $30 million from the city between 2006 and 2012. Prosecutors said she funnelled the money into a secret account she controlled.

Mr Reagan spent most of his boyhood in Dixon.

Crundwell, who handled all the city’s finances, illegally transferred the funds out of various city bank accounts into a personal account she set up and used various deceits to conceal her actions, prosecutors said.

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