More than $8 million of the municipal utility district’s investment funds were fraudulently transferred out of its account in April.
A Katy-area municipal utility district says it has recovered about $5.9 million in funds that were fraudulently transferred from its investment account.
Fort Bend County MUD No. 35, which provides water and other services to more than 2,000 homes and businesses, announced earlier this month that it was investigating $8.2 million in unauthorized transfers from its investment account to “outside financial institutions.”
The transfers occurred on April 7. The investment pool’s administrator discovered the fraudulent transfers the next day and notified the FBI and the district’s bookkeeper…