Bonds
Detroit Suburb Tries Muni Sale Again After Hackers Stole Deal Proceeds
- Hackers got access to town’s email and impersonated official
- Thieves gave bank wiring instruction for 2024 bond closing
The incident underscores the threat that states and localities face from cyber criminals.
Photographer: Emily Elconin/BloombergThis article is for subscribers only.
Three months after cyber bandits hacked White Lake Township, Michigan, stealing about $30 million during the closing of a municipal-bond offering, the Detroit suburb is returning to the market.
The community of 32,000 plans to sell $29 million of bonds after the cyberattack forced it to cancel a debt issue to finance the construction of a civic center.