Alleged embezzlement may cost ex-CFO house

A financial consultant who allegedly embezzled $3.5 million from the nonprofit operating a parking garage beneath Golden Gate Park will likely lose his house to pay back the money.

The Music Concourse Community Partnership, which runs the garage, has secured a court judgment against former CFO Greg Colley, including the deed to his Marin County house, MCCP Director Richard Bingham told the Golden Gate Concourse Authority on Tuesday.

In addition, the authority has hired external auditors to determine exactly how the money was embezzled and will turn their findings over to the state Attorney General’s Office, the San Francisco District Attorney’s Office and the San Francisco City Attorney’s Office, according to Bingham.

“When I first found out [about the embezzlement], my reaction was, ‘How can we throw him in jail?’” Bingham said. “But I found out that, as a private citizen, I can’t.”

The sale of Colley’s house is expected to come close to covering the loss, and the garage’s finances will not be harmed by the financial loss, according to Bingham.

The City Attorney’s Office asked the MCCP to provide detailed financial statements by March 21, according to a letter from City Controller Ed Harrington, Recreation and Park Director Yomi Agunbiade and Concourse Authority President Ron Miguel to Bingham sent Monday.

Colley, a contractor, reportedly confessed last month to taking the funds and making them to use stock trades, according to Sam Singer, a spokesman retained by MCCP. Colley was dismissed from his job.

The partnership has hired CPA Mark Lumer to fill the CFO position, Bingham said.

The embezzled funds came from private donations that had been set aside for cost overruns associated with the construction of the controversial $55 million garage, according to Singer. No public or taxpayer funds were involved.

“I think more oversight could help the MCCP,” said authority commissioner John Rizzo, who suggested the partnership add more board members. Bingham said he’s open to discussing an annual audit from the City Controller’s Office, too.

San Francisco entered a lease agreement with the partnership in 2003, allowing the nonprofit to go forward with building the800-space garage.

bwinegarner@examiner.com

Bay Area NewsCrimeCrime & CourtsLocal

If you find our journalism valuable and relevant, please consider joining our Examiner membership program.
Find out more at www.sfexaminer.com/join/

Just Posted

Dr. Vincent Matthews, superintendent of the San Francisco Unified School District, on Monday said “We truly wish we could return to in-person learning for everyone.” (Kevin N. Hume/S.F. Examiner)
SFUSD reopening plans still leave out most secondary students

SFUSD announces April return to in-person learning after reaching contract deal with teachers

(Examiner file photo)
Charter amendment effort would replace elected school board with appointed body

Critics of the San Francisco Unified School District board on Monday formally… Continue reading

Jill Bonny, owner of Studio Kazoku tattoo parlor in the Haight, tattoos client Lam Vo on Friday, March 5, 2021. (Kevin N. Hume/S.F. Examiner)
No one was fighting for tattoo artists, so they started advocating for themselves

Jill Bonny has been tattooing in the Bay Area since 2000. Four… Continue reading

The COVID-19 pandemic has prompted changes to The City's streets including Slow Streets closures to increase open space access and the Shared Spaces program, which allows businesses to use public right-of-ways for dining, retail and services. (Examiner illustration)
COVID is reshaping the streets of San Francisco

Walk down Page Street, which is closed to thru-traffic, and you might… Continue reading

(Go Nakamura/Getty Images/TNS)
Fully vaccinated? Here are the CDC guidelines for what you can do after receiving a COVID vaccine

The U.S. Centers for Disease Control and Prevention on Monday issued its… Continue reading

Most Read