The City of Saskatoon has released more details on the fraud scheme that snookered the city out of $1.04 million dollars. The fraudster was impersonating the CFO of Allan Construction and requested a change of banking information with City last month.

The City complied and the next payment intended to go to Allan Construction was directed to the fraudster’s account. The payment was related to the ongoing construction on the Sid Buckwold Bridge. The City also said during a news conference Monday morning that the majority of the stolen funds have been frozen or locked down by court order, although City Manager, Jeff Jorgenson didn’t provide a number of exactly how much money has been locked down, as he says the number is changing by the hour as Canada’s banks continue to trace the funds.

Lawyers in Ontario have also been hired by the City given that majority of the banks involved have their headquarters in Toronto. So far, the City has received $40 thousand dollars back from the stolen funds and Jorgenson says the City is cautiously optimistic about recovering more funds moving forward and that receiving 40 thousand dollars is the first-step.

The City Manager wouldn’t comment on what financial controls were in place at the City and says an investigation is on-going. Jorgenson also wouldn’t comment on how many staff members were involved. The money is in 10 to 15 bank accounts and the City is continuing to work with the banks and account holders to inform the money is the proceeds of fraud.

Jorgenson also told reporters that most of the accounts are Canadian accounts, although he can’t confirm if there were any international accounts involved. He says the City will provide updates as more information on the matter becomes available.

The City has also filed a claim with its insurer.