www.preserve-ramapo.com
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…]
This notice appeared on the Law 360 website June 5, 2018.
“Three officials of the town of Ramapo, New York, have agreed to civil fines and a permanent injunction barring them from municipal bond offerings to resolve U.S. Securities and Exchange Commission allegations they perpetrated a bond fraud, according to consent judgments filed in New York federal court Monday. [Read more…]
Story posted by Kyle Glazier in The Bond Buyer
“WASHINGTON – The Securities and Exchange Commission is asking a federal court to skip the trial and rule against former Ramapo, N.Y. town supervisor Christopher St. Lawrence due to his earlier criminal conviction, a request that has drawn opposition from St. Lawrence’s attorney.
At issue before the U.S. District Court for the Southern District of New York is whether or not to grant summary judgment against St. Lawrence, who was convicted last year on criminal charges for masterminding a scheme to conceal Ramapo’s financial troubles in the bond documents for municipal securities issued over a period of five years. [Read more…]
“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…]
“The anticipated federal corruption trial against Ramapo Supervisor Christopher St. Lawrence and a former top economic development aide has been rescheduled for April, with the judge promising no more delays, court documents say.
St. Lawrence, a Democrat and the town’s 16-year supervisor, and former deputy town attorney Aaron Troodler face charges of securities and wire fraud and conspiracy involving the financing of the town’s baseball stadium and other projects developed through the Ramapo Local Development Corp. Troodler served as the quasi-government’s executive director, while St. Lawrence chaired the agency’s three-member board. [Read more…]
The second shoe has dropped. As the County Legislature prepared to make way for the removal of the auditing firm tainted by the federal fraud charges filed against Ramapo, the company decided to quit before they could be fired. Next is an account that needs some serious additional scrutiny. O’Connor Davies has done the East Ramapo audits for a school board already accused of misplacing millions. [Read more…]
County Exec Ed Day Press Conference
Photo Ricky Flores/ The Journal News
Apparently, the stink attached to Ramapo’s auditor fraud, made redolent with fines and sanctions from the SEC, has motivated other local clients of O’Connor Davies to skip the clothespins and go directly to showing the auditing firm the door. In a press release yesterday, County Executive Ed Day is asking the County Legislature to open the windows and fire PKF O’Connor Davies. The company has three contracts with the County for $1 million. [Read more…]
Press Release from the SEC — Washington, DC Oct. 31, 2016
Firm and Partner Charges with Issuing Fraudulent Audit Reports
The Securities and Exchange Commission today announced that a New York-based audit firm and a senior partner agreed to settle charges that they issued fraudulent audit reports in connection with municipal bond offerings by the town of Ramapo, N.Y., and its local development corporation. The SEC’s order finds that PKF O’Connor Davies and Domenick F. Consolo allowed Ramapo to record a $3.08 million receivable in its general fund for a property sale that Consolo knew had not occurred. [Read more…]
Defense motions are due by Sept. 12, with the prosecution scheduled to respond by Sept. 25.
A federal judge on Thursday set a Jan. 9 trial date in the corruption case against Ramapo Supervisor Christopher St. Lawrence and former town lawyer Aaron Troodler.
Prosecutors estimated they would need to call more than 30 witnesses and the trial could take four to five weeks to complete. Attorneys for St. Lawrence and Troodler didn’t comment on those estimates. [Read more…]