Palisades Park officials say nearly $500,000 is missing from its accounts in bank breach

Kristie Cattafi reports:

Officials in Palisades Park were notified last week that nearly half a million dollars had been drained from its accounts at Mariner’s Bank, the borough’s mayor and business administrator said Wednesday.

Mariner’s Bank, which is based in Edgewater and has seven locations in Bergen County, told the officials that $460,000 was missing from the borough’s accounts as a result of a fraudulent wire transfer, said Dave Lorenzo, the borough administrator.

“It was a massive failure of internal controls by the bank to let this happen,” Lorenzo said. “When we put taxpayers‘ money into institutions, we want them to be protected.”