Former Ramapo Supervisor Christopher St. Lawrence arrives with lawyer, Michael Burke of Suffern, for sentencing for corruption-associated convictions at U.S. Courthouse in White Plains on Nov. 27, 2017.
Former Ramapo Supervisor Christopher St. Lawrence’s sentencing listening to continues Monday in White Plains on how a lot cash buyers might have misplaced from a fraudulent bond scheme to construct the baseball stadium and conceal the city’s monetary malaise.
One results of the persevering with listening to is that the sentencing of former Ramapo assistant city lawyer 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.
HEARING: St. Lawrence hearing resumes Dec. 11
HEARING: Christopher St. Lawrence’s sentencing delayed
SENTENCING: Prosecutors recommend 14 years
Troodler and St. Lawrence are accused of defrauding investors who bought municipal bonds issued by Ramapo and the Ramapo Local Development Corp. by making false statements and omitting facts about the financial health of the town and RLDC. Troodler served as the RLDC’s executive director while St. Lawrence led the RLDC board.
Aaron Troodler on the left enters the federal courthouse in White Plains (Photo: File)
U.S. Judge Cathy Seibel will determine prison sentences for Troodler and St. Lawrence after considering recommendations from defense attorneys and federal prosecutors.
St. Lawrence’s hearing could likely conclude Tuesday after testimony from prosecution and defense experts on how much money buyers of Ramapo municipal bonds lost, if any. St. Lawrence could be sentenced anytime after the hearing.
The hearing is scheduled to resume Monday with the prosecution’s expert Jonathan Wilcox continuing to testify. He’s a municipal securities specialist for the U.S. Securities and Exchange Commission, which has brought civil actions against St. Lawrence and others in town government.
Wilcox will be followed by St. Lawrence’s rebuttal witness, Andrew Kalotay, whom St. Lawrence’s legal team describes as a leading authority on municipal finance and the valuation of municipal bonds. Leslie Abreo, another defense expert, is product developer at Andrew Kalotay Associates Inc.
Wilcox’s latest loss estimate stood at $1.1 million, calculated on the witness stand on Nov. 29 at Seibel’s request.
Wilcox testified to defense questions that his original estimate was $5.78 million in January and then $2.93 in August and $2.3 million on Nov. 27.
The loss estimate is a potential factor in Seibel’s sentencing calculations.
The U.S. Attorney’s Office has recommended she sentence St. Lawrence to 11.25 to 14 years in prison based on the…