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In a press release today, the Securities and Exchange Commission summarizes the settlements and penalties of their charges against Aaron Troodler, Michael Klein and Nathan Oberman. The agency also explains:
“The SEC’s litigation against Christopher St. Lawrence continues. The SEC is seeking injunctions, financial penalties, and an order prohibiting St. Lawrence from participating in future municipal bond offerings.” [Read more…]
Christopher St. Lawrence and his attorney at Federal Courthouse Photo: Ricky Flores/The Journal News
“Disgraced former Ramapo town Supervisor Christopher St. Lawrence is scheduled to start prison life on Thursday.
St. Lawrence, of Wesley Hills, faces 30 months behind bars at a federal penitentiary. His sentence could be shortened by 54 days per year for good behavior under federal rules, which prohibit parole.
The Federal Bureau of Prisons cannot say where St. Lawrence will serve his time until he reports. [Read more…]
“For those who had followed former Ramapo Supervisor Christopher St. Lawrence’s rise and fall, and years of ironclad rule in between, there was scant satisfaction in the sentence handed down Wednesday for his 20 federal corruption-related convictions: Two and a half years in prison; three years supervised release; a $75,000 fine.
Even his uncharacteristic apologies after his federal sentencing Wednesday — that he was “deeply ashamed” — provided a rather hollow and unsatisfying denouement to this final chapter of his political life.
What did him in? Vanity, it seems. His 20 convictions on fraud and conspiracy stemmed from an elaborate scheme to cook the books and fudge revenue to put a shine on the town’s sinking finances. [Read more…]
Otisville Correctional Facility
“Former town Supervisor Christopher St. Lawrence doesn’t have to go straight to prison in March to start serving his 30-month sentence.
St. Lawrence, 67, can ask U.S. District Judge Cathy Seibel to delay his sentence pending the appeal of his conviction and sentence. She sentenced him Wednesday to 2 1/2 years in prison and a $75,000 fine for securities and wire fraud, and conspiracy. [Read more…]
Christopher St. Lawrence and his attorney at Federal Courthouse Photo: Ricky Flores/The Journal News
The disgraced ex-Supervisor of the Town of Ramapo was sentenced to 30 months in federal prison followed by 3 years supervised release by Judge Cathy Seibel today at the federal courthouse in White Plains. The Judge also imposed a $75,000 fine. [Read more…]
Ramapo Supervisor Christopher St. Lawrence
“Former Ramapo Supervisor Christopher St. Lawrence’s sentencing hearing continues Monday in White Plains on how much money investors may have lost from a fraudulent bond scheme to build the baseball stadium and hide the town’s financial malaise.
One result of the continuing hearing is that the sentencing of former Ramapo assistant town attorney Aaron Troodler has been rescheduled for Jan. 2.
Troodler pleaded guilty to securities fraud and conspiracy in March and cooperated with prosecutors for a lesser sentence by testifying against St. Lawrence during his trial from April to mid-May. Troodler potentially faces two to four years in prison. [Read more…]
The second sentencing hearing for Christopher St. Lawrence at the Federal Courthouse in White Plains ended today at 1 pm. The prosecution’s expert witness from the SEC, Jonathan Wilcox explained how he determined the $2.3 million loss incurred by those who invested in the misrepresented Ramapo RLDC bonds. After hours of questioning, Judge Cathy Seibel adjourned the session and scheduled a resumption on December 11 at 1 pm. At that time, the expert witness for the defense will also present their estimate of the losses, if any, incurred by the investors. This information is necessary for the court to arrive at a number for the damage caused by St. Lawrence’s fraudulent numbers that were used to apply for the ballpark bonds. To be determined yet are the issues of a personal fine and the length of the sentence to be imposed. Judge Seibel also postponed the sentencing of Aaron Troodler until after the St. Lawrence sentencing is completed.
“Former Ramapo Supervisor Christopher St. Lawrence’s sentencing on corruption-related charges has been delayed for an indefinite period as the judge weighs the extent of financial losses incurred by investors who bought the town’s municipal bonds.
U.S. Judge Cathy Seibel will begin taking testimony Wednesday morning from witnesses for the prosecution and defense on the estimated financial loss to investors. How the investors will be repaid and any St. Lawrence restitution remain separate issues for Seibel to decide. [Read more…]
Ramapo Supervisor Christopher St. Lawrence
“When U.S. Judge Cathy Seibel is scheduled to sentence Christopher St. Lawrence on Monday, the jurist will likely settle the disagreements between prosecutors and St. Lawrence’s attorney on the former Ramapo supervisor’s motivations to commit fraud and how much prison time he deserves.
However, Monday’s sentencing could be adjourned until December.
St. Lawrence’s attorney asked Seibel in court papers filed Wednesday for additional time to analyze the prosecution’s updated estimation of the financial loss suffered by investors who bought Ramapo bonds based on false information from St. Lawrence. [Read more…]
“Christopher St. Lawrence will learn how many years he will spend in federal prison when he’s scheduled for sentencing Nov. 27 in the White Plains federal courthouse.
U.S. District Court Judge Cathy Seibel adjourned St. Lawrence’s sentencing, which had been set for Sept. 28, at his lawyer’s request.
A federal jury convicted St. Lawrence on May 29 on 20 corruption-related charges accusing him of manipulating the town’s books and fabricating revenues to get better rates on bonds to finance the town’s baseball stadium and other projects. The conviction ended the Democrat’s 16-year reign as supervisor. [Read more…]