West Linn gets restitution payment from Magkamit
According to a press release, the city of West Linn received a notice and a check this week for $190,474 as restitution in the city of West Linn vs. Elma S. Magkamit case. This brings the total received by the city to $776,166.
In 2007, Magkamit admitted to the embezzlement of $1,420,000 in an agreement with legal authorities. The agreement entitles the city to restitution plus statutory interest of 9 percent per annum.
According to the release, in 2007, the city received $100,000 from its insurance carrier. In 2008, the city received $100,692 from the sale of Magkamit's personal residence. In 2009, the mediation with the city's former auditors and insurance carrier was settled and the city recovered $385,000. The $190,474 payment received this week was the first payment from Magkamit's PERS account. An additional, final $100,000 from Magkamit's PERS account is anticipated in the next 90 days.
Here is the restitution summary:
--$100,000 in 2007 from city's insurance carrier;
--$100,692 in 2008 from sale of Magkamit's personal residence $385,000 in 2009 from mediation settlement with former auditors and insurance carrier;
--$190,474 in 2011 as the first payment from Magkamit's PERS account $100,000 anticipated in 2011 as final payment from Magkamit's PERS account;
--$876,166 total restitution.
The total amount recovered from the embezzlement is $876,166, or 62 percent of the $1,420,452 that Magkamit admitted to embezzling from the city of West Linn between September 2000 and March 2005.
Information about the embezzlement is chronicled on the city's website here: http://westlinnoregon.gov/finance/update-embezzlement-4-years-later.