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New RTS finance director named

The Rochester-Genesee Regional Transportation Authority today named a new finance director to replace Jean Feuchter.
Feuchter resigned Tuesday following revelations that the Regional Transit Service could have lost as much as $1 million in cash that disappeared from a coin-counting firm she hired to process bus-company fares.
Named to replace her is former banking executive Joseph Yanni. He has served as an officer of Security Trust Corp. and Rochester Community Savings Bank, and was chief financial officer of Columbia Banking Federal Savings Savings and Loan Association during the Resolution Trust Corp.’s workout of the failed Rochester thrift.
Yanni will have his work at RTS cut out for him.
An independent audit of RTS finances was ordered after authority commissioners last month learned of shortages in funds the Buffalo-based Continental Coin Processors Inc. was supposed to have deposited in RTS accounts. It revealed that the coin-firm shortfalls date back to 1993.
The audit calculated the shortage at $935,000, but the bus company’s actual liabilty could climb, possibly topping $1 million, said William Nojay, chairman of the authority.
Nojay, who took over the post in June scarcely a month before the shortfall came to light, previously told the Rochester Business Journal that Feuchter offered no explanation as to why she let the deficiencies climb so high.
Continental Coin filed a Chapter 11 bankruptcy petition in June, revealing RTS shortages.
Also shorted by the coin company were Rochester Telephone Corp., Tops Markets Inc. and the Niagara Falls Bridge Authority. The three are missing $500,000, $100,000 and $175,000, respectively.
Nojay said Feuchter and other RTS officials did not inform commissioners of problems with Continental Coin.
RTS discontinued services with the Buffalo firm only after the missing funds came to light as result of Continental Coin’s bankruptcy filing.

New RTS finance director named

The Rochester-Genesee Regional Transportation Authority today named a new finance director to replace Jean Feuchter.
Feuchter resigned Tuesday following revelations that the Regional Transit Service could have lost as much as $1 million in cash that disappeared from a coin-counting firm she hired to process bus-company fares.

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