“After months of negotiations and $1.7 million so far in legal fees, the Ramapo Town Board has offered to settle a civil case involving fraud accusations made by the U.S. Securities and Exchange Commission.
The proposed settlement the Town Board approved 5-0 on Wednesday involves the town government and the Ramapo Local Development Corp., the town’s economic development arm that fronted the financing of the town baseball stadium and its Elm Street housing complex.
The SEC case continues — along with town legal costs — against former Supervisor Christopher St. Lawrence, former RLDC Executive Director Aaron Troodler, Town Attorney Michael Klein, and Receiver of Taxes Nat Oberman. The town is required by public officer’s law to pay their legal fees. [Read more…]