MOBILE, Ala. (NBC 15) — NBC 15 News has learned the nearly $15 million Mobile lost to fraud could carry a much higher price tag. The city borrowed the money and must still repay it with interest. Based on the bond’s scheduled payments, the $14.7 million loss accounts for an estimated $22.2 million in payments over 20 years, a calculation the city confirms is correct. One city employee has been fired and two others placed on paid administrative leave as the city investigates how the fraud happened. Their names and titles have not been disclosed.
“I understand the public’s anger. I am angry, too. The loss of taxpayer dollars to fraud and malfeasance is extremely painful. I am asking the public to direct your anger at the criminals,” said Mayor Spiro Cheriogotis in a statement Monday afternoon…