| How To Make $10M |
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| Monday, 17 December 2007 04:30 | |||
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A tugboat captain has been awarded a cool $10M by the State of California for tipping off the State to the theft of sand from San Francisco and Suisan Bays. $10 million is a lot of cash, but then again, 2 million cubic yards is a lot of sand. The Golden State alleges that the sand was stolen by a mining company over a period of ten years and sold to construction companies to be used in the manufacture of cement. The company was fined $42.2 million dollars but denies any wrongdoing. In 2001, a tugboat captain under contract with the mining company filed a complaint with the state that alleged the mining company was taking sand from areas in which it had no dredging lease and was also underreporting its sales to the state. The company's dredging barges are now outfitted with GPS locators to make sure they remain in the dredging areas specified by their lease, and the state is now completing a survey of the environmental impact of the missing sand on the bays in question. The story leaves unanswered the big question: what will the tug captain do with $10M? Click Read More for a link to the full story From the San Francisco Chronicle: After a tugboat captain blew the whistle, a mining company has agreed to pay the state $42.2 million to settle allegations that it stole sand from San Francisco and Suisun bays and cheated the state out of millions in royalties.
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