From the “you can’t make it up” file, this just in from NBC News in Chicago.
The city’s rail agency bought insurance to protect it in the event one of its employees embezzled funds from it or otherwise engaged in corrupt behaviour.
And the policy just paid off!
When Metra chief Phil Pagano stepped in front of a speeding commuter train last May, he took a number of secrets with him.
Perhaps the largest was what he did with the nearly half-million dollars he was accused of misappropriating from the agency. Specifically, Pagano was accused of taking some $475,000 in improper advances on vacation time, even forging the signature of Metra chairman Carole Dorris on the paperwork. Since his untimely death, as former co-workers speculated about why such a long-time stalwart of the agency would resort to such tactics, sordid stories arose in his widow’s bankruptcy proceeding of “other households” Pagano may have been supporting.
But after his suicide, few held out hope that the public would see any of the money returned.
Some of it came back last week in the form of a check, from an insurance company. Since 2001, Metra has required its executive director, chairman, and board members to carry corruption insurance.
In Pagano’s case, the policy covered malfeasance ranging from theft and forgery to computer and wire fraud up to $5 million.
We’re thinking trend.
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