Video: St. Lawrence sentencing scheduled for Monday | zero:30
Former Supervisor Christopher St. Lawrence faces as much as 14 years in federal jail when sentenced Nov. 27 by Decide Cathy Seibel in U.S. District Courthouse in White Plains. A jury convicted St. Lawrence of 20 counts of securities fraud, wire fraud and conspiracy.
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Video: Christopher St. Lawrence arrives for sentencing | zero:25
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.
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An up to date analysis of the monetary loss to consumers of Ramapo municipal bonds will probably come beneath hearth Monday afternoon, when a prosecution witness continues his testimony on the pre-sentencing listening to for former city Supervisor Christopher St. Lawrence.
Jonathan Wilcox will return to the stand earlier than Decide Cathy Seibel on the federal courthouse in White Plains. Wilcox is a municipal securities specialist for the U.S. Securities and Trade Fee, which has filed a civil fraud case towards St. Lawrence and different city officers.
St. Lawrence was pressured to resign Might 19 after greater than sixteen years as supervisor when a federal jury convicted him of 20 counts of securities and wire fraud, and conspiracy involving the financing of the baseball stadium and city-bonded infrastructure tasks.
ST. LAWRENCE HEARING: Defense demands on witness testimony
ST. LAWRENCE HEARING: Prosecution response to witness testimony
The jury accepted the prosecution’s evidence that St. Lawrence manipulated the financial books of the town and its economic arm, the Ramapo Local Development Corp., by fabricating revenues to get better rates on municipal bonds and short-term borrowing notes to finance its $58 million baseball stadium and other bonded infrastructure projects.
The government’s fraud case is premised on the fact that investors would have received higher profits if they knew the town’s true financial shape was poor because their risk would have been greater. The case is likely the first municipal bond-related criminal securities fraud charges brought against public officials, the U.S. Attorney’s Office has said.
The amount of money investors supposedly lost is part of Seibel’s determination of prison time for St. Lawrence.
Wilcox testified Nov. 29 that he estimated the investors…