Audit Commission Releases Report On Hybrid

by Categorized: Adam Cloud, Earl O'Garro Jr., Finance, Hybrid Insurance Group, Internal Audit Commission Date:

The city’s internal audit commission has investigated a wire transfer related to the Hybrid Insurance Group/Earl O’Garro/Adam Cloud Insurance controversy, but declined to investigate a possible conflict of interest between O’Garro (Hybrid’s CEO) and Cloud (the city treasurer), saying that issue has to go to Hartford’s ethics panel.

With regard to the wire transfer, the commission has said it found no criminal or fraudulent activity on the part of the treasurer and former Finance Director Julio Molleda, but did find that they used bad judgement and were “negligent” in wiring the money directly to O’Garro (a broker) instead of the insurance agent.

Today, the commission released its report on the matter. You can view it here: FinalMemoHybridInsuranceGroupNovember,2013

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