Preet Bharara has done his job and indicted Supervisor St. Lawrence and Aaron Troodler for criminal bond fraud. And the SEC has done its job and indicted St. Lawrence, Aaron Troodler, Michael Klein and Nat Oberman for civil bond fraud. Unfortunately, these federal agencies have no authority over the conduct of ordinary affairs in Ramapo and cannot take responsibility for the cash emergency that is approaching.
Ramapo has essentially been operating as a Ponzi scheme for years. Millions of dollars of nonexistent account receivables are currently carried on our books, and it appears that St. Lawrence has illegally skimmed $12 million from the ambulance tax line in order to hide the red ink. [Read more…]