Former Ramapo Supervisor Christopher St. Lawrence leaves the U.S. Courthouse after sentencing on corruption-associated expenses has been delayed for an indefinite interval. Nov. 27, 2017 in White Plains.
WHITE PLAINS – Together with his pre-sentencing listening to for fraud scheduled to renew Dec. eleven, former Ramapo Supervisor Christopher St. Lawrence acquired some constructive information on Wednesday that would decrease his potential federal jail sentence.
A prosecution witness from the U.S. Securities and Trade Fee gave a decrease estimated monetary loss to consumers of Ramapo municipal bonds who weren’t conscious of the fraud a federal jury discovered St. Lawrence dedicated in Might.
Jonathan Wilcox, municipal securities specialist, estimated the buyers misplaced $1.07 million when pressed to recalculate his figures by Decide Cathy Seibel, who stated she needed to know how Wilcox got here to his conclusion and wasn’t glad together with his methodology. He had offered a $2.three million estimate on Nov. 27.
Beneath questioning from St. Lawrence’s lawyer, Michael Burke, Wilcox acknowledged his formulation for estimating investor losses modified a number of occasions. He stated he first estimated $5.seventy eight million in losses in January from the monetary rip-off after which $2.ninety three million in August.
Wilcox could not recall most of the particulars that went into his calculations underneath questioning from Burke.
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A lesser estimated loss is important because it goes into deciding a sentencing range for Seibel to consider.
Wilcox’s previous potential investor loss of $2.3 million allowed the prosecution to recommend an enhanced sentence of 11.25 years to 14 years in prison for St. Lawrence. Federal probation officials have recommended 24 to 30 months, while St. Lawrence’s attorney, Michael Burke, is advocating probation.
After the hearing ended on Wednesday, Burke said Wilcox’s recalculation of the fraud-related loss could lower the guideline level on a sentence for his client. Seibel commented that she doesn’t know the final financial loss and is waiting to hear more testimony.
Wilcox’s testimony went from just after 9 a.m. to 1 p.m. When the hearing resumes on Dec. 11, Wilcox will continue testifying followed by an expert witness for St. Lawrence on fraud loss.
Seibel said St. Lawrence could be…