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SEC wants to end Ramapo case as St. Lawrence fights back

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The Bond Buyer logoStory 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…]

St. Lawrence sentenced to 2.5 years in prison, 3 years supervised release and fined $75k

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Photo of St Lawrence outside White Plains Federal Courthouse

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…]

Judge to sentence St. Lawrence Wed at 1pm

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Judge Cathy Seibel has scheduled Wednesday afternoon, December  13 to pass sentence on the convicted ex-Supervisor Christopher St. Lawrence. There are three issues to be settled: number of years in federal prison, a personal fine for his crimes, and the damages attributed to the 20 felonies for which a jury found him guilty.

Sign the Preserve Ramapo Sentencing Petition

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Sentencing Petition page
This is an important chance to have your voice heard by the court that is now deciding what the sentence will be for our convicted ex-Supervisor Christopher St. Lawrence. The trial is in the sentencing stage, and St. Lawrence’s attorney is asking for a 24-month probation and no jail time. He has told the court, “No victim has come forward to claim they have been economically harmed.”

We all know how ridiculous that is, so we have set up a way for you to “come forward” and tell the court about the economic harm that is extensive, deep and has been delivered to you in many ways, not the least of which has been inside the envelopes with your tax bills.

Click here and you will go to the iPetition website where you can read the petition, and if you agree with the description of the damages that St. Lawrence has caused, then fill in your information and hit the sign button.

Sentencing Hearing Part 2 Nov. 29

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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.

St. Lawrence sentencing delayed as judge weighs investors’ losses

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“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…]

Christopher St. Lawrence faces prison term Monday for corruption

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Indicted Supervisor St. Lawrence

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…]

St. Lawrence case a landmark for U.S. Attorney’s Office

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An important fact that has been mostly overlooked in the news coverage of the St. Lawrence convictions is that this case set legal precedent as the first of its kind. A Google search of the early stories shows only one article from US News and World Reports titled “New York Town Official Convicted in Landmark Bond Fraud Case” that paid attention to what was apparently an important part of the Justice Department’s original interest in what was happening in Ramapo.

U.S. Attorney Preet Bharara had pointed this out in his first press conference at the time of St. Lawrence’s arrest by federal agents. He said: “Today, this Office has brought what is believed to be the first ever municipal bond-related criminal securities fraud charges against public officials.” [Read more…]

GUILTY! St. Lawrence found guilty of 20 out of 22 counts

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St. Lawrence and his Attorney Michael Burke leaving the White Plains courtroom Photo/The Journal News

Shortly after one in the afternoon, the White Plains Jury returned their verdict in the Christopher St. Lawrence bond fraud trial. Out of 22 charges brought against the Supervisor of the Town of Ramapo, the foreperson read Guilty on all but two of the charges. The only two counts on which he was not found guilty were one securities fraud charge related to the bond issue on April 20, 2011, and the April 18, 2011, wire fraud charge related to that same bond matter. Otherwise, he was found guilty of 20 felonies: securities fraud, wire fraud, and criminal conspiracy.

A witness in the courtroom noted that St. Lawrence was physically shaken as he stood and the guilty verdicts were read.

Sentencing is scheduled for September 28, at 10:30 am in the same White Plains courthouse.

Read The Journal News coverage here.

Michael Castelluccio
Preserve Ramapo
www.Preserve-Ramapo.org