Breaking: LoBiondo finance report shows $600,000 unaccounted for

U.S. Rep. Frank Lobiondo’s most recent campaign expenditure reports filed Thursday show a drop of more than $500,000 in cash on hand from the report filed by his campaign in October. The six-figure drop presumably reflects money that sources say LoBiondo believes was stolen from his account by a former campaign worker.

The report filed by the campaign Thursday reflects just $407,518 cash on hand, down from the more than $1 million reflected on the report filed on October 19.

But during that period, Lobiondo lists a net income to the campaign of more than $40,000. The new report also reflects an increase of nearly $500,000 in total expenditures over the October report, though the campaign reported spending only about $65,000 for the period. In addition, the latest report ups the total contributions for the campaign cycle by more than $360,000 though only $104,000 came in during the period.

The changes leave nearly $600,000 in campaign funds unaccounted for.

In addition to the finance report, the Lobiondo campaign filed a letter with the Federal Election Commission, reporting a “financial issue involving a former campaign worker.”

“(LoBiondo for Congress) is currently conducting an internal review of its financial records to determine the scope of the issue and what amendments to previous reports may need to be filed,” the letter from the campaign states.  “LFC’s 2010 Post-General Report contains the most accurate information we have in our possession.  We anticipate that the results of the internal review may require LFC to amend the 2010 Post-General Report if the cash-on-hand and election cycle to date amounts change.”

PolitickerNJ reported last month that the LoBiondo campaign’s finance account was missing hundreds of thousands of dollars and that the campaign had notified federal officials, who are investigating a former campaign worker.

Former campaign treasurer Andrew McCrosson left the campaign in September to take a job as business administrator in the City of Trenton, before abruptly resigning three months later.

McCrosson’s replacement, Doug Heun, filed amended reports for the July reporting period that showed a substantial increase in expenditures but no change in cash on hand.

Calls to LoBiondo spokesman Jason Galanes and an attorney handling the case were not returned.

Breaking: LoBiondo finance report shows $600,000 unaccounted for