A Toronto company hired to sort through parking machine change is under investigation after at least $1.5 million went unaccounted for in three GTA cities and Hamilton.

Avero Security Inc., an armoured truck company, had been contracted to count, roll and deposit money from pay-and-display machines in Toronto, Vaughan, Mississauga and Hamilton.

But in many cases, deposited funds were later reversed by the bank, meaning they never made it into the hands of municipalities. At the time, throughout 2008 and in some cases 2007, company executives apologized and promised to fix the errors. So, while cities waited for their money -- unaware similar irregularities were allegedly occurring across the GTA -- Avero trucks continued to collect cash for months. Police are investigating.

Vaughan is alleged to have lost "hundreds of thousands." Hamilton around $1 million. Peel police would only say Mississauga had taken "a loss." And in Toronto, Avero is accused of defrauding the parking authority out of about $320,000.

Toronto auditor general Jeff Griffiths estimated in his annual report released last week the total loses were around $590,000.

When contacted yesterday, Toronto lawyer Yuvraj Chhina confirmed he had represented Avero last year, but that "it had been taken over" and he was no longer able to comment. Numerous phone numbers associated with the company are now disconnected and an investigator familiar with the case said the company is no longer in business.

Hamilton dropped its contract with Avero to collect HSR cash after $1.7 million was missing from the transit system's fare box revenue. About $800,000 of that money was allegedly returned. Avero denied the city's allegations and responded by suing Hamilton for ending the contract and harming its reputation.