Mayor Mamdani to Introduce POWER Act Allowing New Yorkers to Sue Predatory Corporations for Unfair Business Practices

 

First-in-the-nation bill would make New York City’s consumer and worker protections the strongest in the country 

 

Bill would allow workers, consumers, small businesses, and nonprofits to sue predatory corporations rather than relying on government agencies alone          

Today, Mayor Zohran Kwame Mamdani and Department of Consumer and Worker Protection (DCWP) Commissioner Samuel A.A. Levine announced the planned introduction of the POWER (People and Organizations Winning Economic Relief) Act, legislation that would make New York City’s consumer and worker protection laws the strongest in the country. The POWER Act, sponsored by Chair of the Committee on Consumer and Worker Protection Harvey Epstein, would create a municipal private right of action, bringing sweeping changes to the way workers, consumers, tenants, small businesses, and nonprofits can seek relief from predatory business practices.

The bill would, among other things:

• Allow tenant unions to sue landlords for deceptive trade practices;
• Allow taxi drivers to sue financing companies over unconscionable loan terms;
• Allow consumers scammed by predatory for-profit schools to seek loan relief; and
• Allow nonprofits to bring claims on behalf of themselves, their members, and the public.

“New York City is a working-class city. Yet for far too long we've trailed the country when it comes to giving working people the power to take on corporations that violate their rights and try to cheat them,” said Mayor Mamdani. “That’s why we are excited to introduce the POWER Act, which will finally give New Yorkers and the organizations who represent them a legal pathway to seek recourse for unfair business practices and make our city a national model for consumer, worker, tenant, and small business protection. The POWER Act will enable tenant unions to take landlords to court and win back wrongfully withheld security deposits. It will allow local small businesses who face competition from corporate giants to file suit for unfair business practices. It will empower seniors who lose hundreds of millions of dollars every year through targeted scams to get the justice they are owed. Our administration will not sit back while New Yorkers are taken advantage of. The POWER Act is about giving New Yorkers their rights back and building a more just economy for working people.”

The POWER Act will be introduced on behalf of the Mayor by Chair Epstein at the next stated City Council meeting on October 8th.

Mayor Mamdani will also introduce two additional consumer protection bills. The Truth in Pricing Act simplifies the City's pricing display rules, cutting compliance costs for businesses while keeping prices transparent for shoppers. A separate amendment to the City's Consumer Protection Law removes a lengthy rulemaking requirement, letting DCWP act faster against unconscionable business practices.

“The Mamdani administration came into office with a commitment to return power to the working-class people of this city. With this legislation, we will do exactly that,” said Deputy Mayor Su. “Often, corporate practices that steal time and money from workers and consumers are designed to push the limit of prohibited practices. We will equip New Yorkers with new tools to take on predatory companies, bad landlords, scammers, and other actors who exploit them and build not only an economy but a city that works for working people.”

“The Our POWER Act represents one of the single greatest expansions of consumer and worker rights in New York City history, putting power directly in the hands of New Yorkers to secure their own economic justice,” said DCWP Commissioner Levine. “Establishing a broad private right of action has never been more urgent, especially as the federal government retreats from protecting working people. I am grateful to the advocates who have long called for this critical right, and I look forward to working with Mayor Mamdani and the City Council to swiftly pass this bill.”

“We're using every tool at our disposal to empower tenants and stand up to unscrupulous landlords. The POWER Act would give tenants a stronger basis to fight for a fairer city in court, taking on bad actors and unfair practices across the five boroughs,” said Cea Weaver, Director of the Mayor’s Office to Protect Tenants.

The POWER Act

Under current New York consumer protection laws, individuals can only sue over deception — a narrow slice of unlawful business conduct. The POWER Act closes that gap, letting individuals, workers, and small businesses sue over unfair methods of competition and unfair, deceptive, abusive, or unlawful practices. Today, that gap lets bad actors cheat New Yorkers — especially small businesses — with little consequence.

New York State laws let individuals sue over deceptive practices, but does not allow them to sue over unfair or abusive ones. The POWER Act would allow tenants, workers, small businesses, and nonprofits to take companies to court over unfair and abusive practices such as overcharging rent.

Truth in Pricing Act

New York City's price display rules currently vary by store size and product type, creating confusion for businesses and consumers alike. The Truth in Pricing Act, sponsored by Chair Epstein and Council member Carmen De La Rosa, simplifies this: business owners can choose to display prices on the item or on the shelf. It lowers compliance costs while preserving price transparency and checkout accuracy.

Consumer Protection Law Amendment

DCWP currently cannot challenge unconscionable business practices without first completing a lengthy rulemaking process. This amendment, sponsored by Council Member Chi Ossé, removes that requirement, letting DCWP respond quickly to serious misconduct and aligning City law with state and federal consumer protections, including the Federal Trade Commission Act.                                                                                                                                                                         

DHS Highlights Worst Illegal Aliens Arrested or Convicted in Nebraska

Among those arrested in Nebraska are the ringleader of the failed terrorist plot against UFC Freedom 250 and an MS-13 member wanted for a quadruple homicide in his home country 

The United States Department of Homeland Security (DHS) released the following statement highlighting examples of the worst illegal aliens that have either been arrested or convicted of a crime in the state of Nebraska. Their criminal histories include quadruple homicide, terroristic threats, and sexual assault of a child.

“Biden’s open-border crisis turned every state in the country into a border state for four years, and that includes the great state of Nebraska,” said DHS Secretary Markwayne Mullin. “Thanks to President Trump’s leadership, ICE has been unleashed to target and remove illegal aliens in Nebraska, including alleged terrorist ringleaders, MS-13 assassins, and child molesters. The Cornhusker State has been a valuable partner for us at the state and local levels, and together we will continue to make America safe again.”

Among the worst illegal aliens arrested or convicted in Nebraska are:

Abraham Hermosillo Alvarez, an illegal alien from Mexico and the alleged ringleader of the failed terrorist plot against UFC Freedom 250 at the White House, arrested by the Federal Bureau of Investigation (FBI) on June 14 in Omaha, Nebraska. He and his co-conspirators face federal charges of conspiracy to commit murder and conspiracy to commit violence on White House grounds. U.S. Immigration and Customs Enforcement (ICE) lodged a detainer against Alvarez following his arrest.

Gerson Emir Cuadra Soto, alias “Fantasma,” an illegal alien from Honduras and MS-13 gang member, arrested by ICE in Grand Island, Nebraska on December 8, 2025. He is wanted in his home country for a quadruple homicide, and is allegedly a member of an assassination squad in Honduras.

Aung Lwin, an illegal alien from Burma, convicted for sexual assault on a child in Omaha, Nebraska. ICE arrested him in August 2026.

Carlos Tino-Garcia, an illegal alien from Guatemala, convicted for first-degree sexual assault in Lincoln, Nebraska. ICE arrested him in August 2026.

Dennis Nyagesuka, an illegal alien from Kenya, arrested by ICE in Lincoln, Nebraska. His criminal history includes terroristic threats, concealing stolen property, and assault.

Recidivism also remains a major challenge in transit. Of the 734 people arrested in transit this year for a major crime, 214 have been arrested three or more times in 2026 alone. I can assure New Yorkers that we will continue to bring the full weight of this department to bear on the people driving violence in our transit system. At the same time, other major crime categories in transit remain at historic lows. Robberies are tied for the lowest year-to-date level on record outside the pandemic years. In the third quarter, we saw the fewest robberies ever recorded in transit, including the pandemic years. Grand larcenies in transit are also at their lowest year-to-date level on record outside the pandemic years. Public housing continues to be one of the clearest examples of where our precision strategy is delivering real results. Major crime in our housing developments is down nearly 7 percent year to date, and the reductions in violence are historic. Murders, robberies, shooting incidents and shooting victims have all reached record-low year-to-date levels in public housing. Murders are down to 33 percent; robberies down nearly 19 percent; shootings down 36 percent; and shooting victims down nearly 39 percent. Burglaries are also down in housing, more than 15 percent year to date. Moving on to retail theft, which is down more than 12 percent year to date, with nearly 5,000 fewer incidents compared to last year and reductions in all five boroughs. That progress reflects the same precision approach that we have applied across the department, identifying the locations and repeat offenders driving these crimes, concentrating resources where and when they are needed most and building sustained investigations to hold them accountable. Hate crimes remain an area of serious concern, with confirmed incidents up 13 percent year to date. The most striking trend continues to be antisemitic hate crimes. So far this year, 53 percent of all confirmed hate crimes have targeted Jewish New Yorkers, despite Jews making up only roughly 10 percent of the city's population. Those numbers are deeply concerning. Our Hate Crimes Task Force continues to aggressively investigate these incidents while we deploy additional resources to protect Jewish communities. On the eve of the third anniversary of Oct. 7, we renew our pledge to Jewish institutions that they will not be left to protect themselves without a strong partner in the NYPD. This year, during the High Holy Days, we deployed an unprecedented number of officers to cover virtually every synagogue across the city. Taken together, all of these results that we've just outlined show what is possible when we follow the data, when we deploy with precision and when we give our cops the tools and the resources that are needed to succeed. We have driven shootings, shooting victims and murders to historic lows while reducing major crime across the city, and the work continues. We know where the challenges remain, and we will be adjusting our strategies, concentrating our resources and going after the people driving violence and disorder. The men and women of the NYPD have delivered extraordinary results through the first nine months of this year. We intend to build on that progress through the end of 2026. I will now turn it over to the architect of many of the strategies that I just outlined, our chief of Department, Chief LiPetri. Chief Michael J. LiPetri, Chief of Department, Police Department: Good afternoon. Mr. Mayor, Police Commissioner, and I especially want to thank all the bureau chiefs and deputy commissioners who work tirelessly every day to make New York safe. You know, the mayor talked about the summer and the challenges that, you know, we faced as a department, but I just want to put some things in perspective. Just a few years ago, from 3 p.m. on a Friday till 7 o'clock on a Monday, the weekend violence in New York City was unacceptable. We averaged approximately 25 shootings just in those three and a half days. This year, we have less than seven shootings on weekends, and I tie it to a number of things; but I can't say enough about the young men and women that are out there every single day in some of the tougher areas in New York City. When you look at Bronx South and you look at Brooklyn North; when we say Bronx South, you're talking about communities of Morrisania, Claremont, Highbridge, Hunts Point, down over 20 percent in shootings in Bronx South. When you're looking at Brooklyn North and you talk about the communities of East New York, Brownsville, Bed-Stuy, Crown Heights, also down over 20 percent in shootings. If I highlight the 42 Precinct, which covers Morrisania and Claremont, down 39 percent in shootings, up over 30 percent in gun arrests. If you look at Bedford-Stuyvesant, the 7-9 Precinct, down 53 percent in shootings, up 20 percent in gun arrests. That's what drives violence. And that's what we continue to go after: individuals carrying firearms. Back in 2022, when we took a hard look at what was going on in New York City, you're talking about two straight years of over 1,800 shooting victims — almost 1,900 shooting victims. And what we did was we took a block — literally — a block-to-block analysis across New York City, without looking at any precinct boundaries. We did that with very, very smart data scientists, programmers, crime analysts. We then built a program using cluster analysis for the next year in 2023. In 2022, when we started the violence reduction zones in the summer, though the city had 1,294 shootings, those zones were down almost 40 percent in shootings. So, we said, why not do it better? Made a program of cluster analysis in New York City. Why not continue to do it? That's when our retail theft holiday zone started. That's where our school zone started, ultimately our summer zones, and now we transition into the holiday zones. Almost 2,000 officers on Friday, Saturday and Sunday deployed into those areas. Most, if not all, working until 4 or 5 o'clock in the morning. We had to make some tough decisions. We changed the zones, we changed our allotment, we changed our times. You graduate from the academy, unfortunately, you don't have weekends off. Because why? Because that's when, unfortunately, we take [on our] most violence. So again, I just really want to thank the officers out there every day, the investigators that continue to investigate crimes. You know, we always talk about the Knicks, what went on in the summer. Those officers were not at the Knicks parade. They were still in their zones, walking a footpost in East New York, walking a footpost in Claremont. The neighborhoods that see officers on every corner, every single day. And that's really what's behind the success, though we still have a lot of work to do. But I just want to say thank you to all the members of the service that are out there, both on the civilian side and the uniform side. Thank you. Question: Mayor, I know that the picture is looking pretty good — underground as well, coming out of the summer. But you’ve really yet to fully stand up your community safety program, which has a big subway focus. So, moving into the winter months, we know homeless individuals, individuals who suffer from mental health issues will go underground to stay warm. In the interim, even though you've expressed some skepticism about police overtime and police solving all the problems underground, would you be willing to commit more cops underground in the colder months if that proves necessary? Mayor Mamdani: I think what we've seen is that our police department is not only doing the job that many New Yorkers have the full faith in; it is also setting an example for what it looks like to be unrelenting. Because what you've heard from the commissioner, what you heard from the chief, and what we have heard from leaders across departments in prior announcements is the fact that these are not only figures that are oftentimes better than last year. Sometimes these are figures that are the best that the city has ever seen. And yet we also know that so long as there is a single murder, a single shooting, a single shooting victim in the city, that is one too many. And so, I have full trust and faith in our police commissioner and our police department to do what is necessary. And also, when it comes to the colder months, we are going to do everything that we can to ensure that vulnerable New Yorkers, homeless New Yorkers, are finding a place to rest their head that is a bed, a shelter. And we are doing everything we can to increase our shelter capacity to ensure that no New Yorker feels that they have to sleep outside or sleep anywhere that is not an actual bed to find that kind of safety. Question: It’s become not uncommon — from January, we see a surge. There's some sort of announcement with the governor and the mayor and the commissioner, and “we're giving overtime and there's more cops underground.” Is that an announcement you're willing to make if necessary? Mayor Mamdani: Look, I'll say whenever it comes to the safety of the people of our city, we will explore every single measure in front of us. And also, we want to address systemic issues at a systemic level. You've heard from the police commissioner of just how significant a number of the incidents on public transit are driven by individuals who have a previous, they have a previous engagement with the mental health system across our city. That means that there's an opportunity for us to do better when it comes to that kind of work. That's why we talk about a whole-of-government approach to all of this. Police Commissioner Tisch: I'll just add one thing about our overtime numbers in transit. We, for the past two years, we have been fortunate to be funded for an overtime program that allows for 5,000 additional hours a day in overtime that started last year, and that has been the case this year and will continue to be the case. That's not being cut. Question: This question’s for you, Mayor Mamdani. You brought up shelter capacity. I just wanted to ask about the Borden Avenue Veterans Shelter in Long Island City — [Crosstalk.] Question: I wanted to ask, did your office sign off on the decision to reject FDA funding? [Crosstalk.] Mayor Mamdani: Your question is about the Borden Avenue Veterans Shelter. Yes, just in specific relation to that veteran's shelter, the services are continuing as they were. The switch of funding, where it used to come from the federal government — now that is not, that has not impacted any of the services that we're delivering at that shelter. Question: For the commissioner or Chief LiPetri, do you see a nexus between the gang takedowns and the reduction of crime and arrests in Brooklyn South — Brooklyn North and South Bronx? Chief LiPetri: Yeah, so, you know, we always talk about precision. We always talk about, you know, looking at the data. A full analysis is done prior to starting a case, meaning is that crew, you know, very violent, either being on the victim's side or the perpetrator's side in shootings. And then that's where we focus. And when you look at the four or five gang crew takedowns that gun violence and some of the violent squads across New York City has done, and then you look at those residences of where they frequent or those areas where they frequent, we see sharp, sharp decreases in violence. So, it's an approach, you know, obviously, which is also focused on the zones across the city — 70 zones, 40 precincts — and we want our gang investigators to also focus in those zones. Question: And also, just a second question, will there be a time where [inaudible] — will there be a time when these lasting barriers are coming down? Chief LiPetri: I hope so, and I just — you know, again — never done before where we have experienced detectives taking petty larceny cases and making wanted flyers and making arrests. So again, it's an approach that has worked, and we're going to continue to drive retail theft down in New York City. Question: The results are historic, no question about it. You said a moment ago that you know where the challenges remain. And I'm wondering where are those challenges as you see them, and where in particular do you like to see them? Police Commissioner Tisch: Well, we can always do better. I outlined a few areas where we clearly have more work to do. I would love the transit numbers to be down this year. They're up slightly compared to last year. We know what's driving it. We know where it's being driven, and we are adjusting our strategies to focus on those felony assaults in transit. Also, felony assaults above ground are problematic for us. In particular, in the category of felony assaults, we have real challenges with recidivism. So, one of the things that we have to do is work with the other stakeholders in the criminal justice system to address those issues. Thank you. Question: [Inaudible.] Police Commissioner Tisch: There are lots of different entities that make up the criminal justice system. There are judges and DAs and lawmakers. And so, yeah, when you see recidivism numbers like that, we all have to put our heads together and figure out the best way forward. Question: Do you have a number of how many times these individuals — an average number — of how many times these individuals are getting arrested, and also what crimes? Is it assaults or is it other crimes they’re getting arrested for? Police Commissioner Tisch: So, I gave you the specific numbers in my remarks on recidivism. If we focus specifically on transit in the area of felony — oh no, transit, recidivism — 214 of the 734 people arrested in transit this year for a major crime have three or more arrests in 2026. Question: Is that also assaults or is that other crimes [inaudible]? Police Commissioner Tisch: The chief will give you more information about it, but the numbers that I just gave you were for all arrests for all major crime in transit. Chief LiPetri: I'll talk about felony assaults and recidivism. So, when you look at felony assaults and that individual [gets] arrested, we have over 300 individuals that have been arrested three or more times this year. If you go back just to 2019, it's over a 200 percent increase. So, obviously, recidivism is something that the police commissioner spoke about. It is something that we are dealing with, and we're always working very close with our prosecutors.

Torry Holland, 52, of Memphis, has been sentenced to over 26 years in federal prison for his role in the distribution of methamphetamine and fentanyl in Memphis, Tennessee.  D. Michael Dunavant, United States Attorney for the Western District of Tennessee, announced the sentence today.

During this multi-agency investigation led by the Drug Enforcement Administration, controlled purchases of narcotics, physical surveillance, and the execution of search warrants on several Memphis properties related to Holland and a co-conspirator yielded multiple firearms, felony amounts of fentanyl and methamphetamine, and more than half a dozen pill press machines utilized to produce fentanyl pills that appeared as brand name medications.

Prior to his federal indictment in June 2024, Holland was convicted of multiple felonies involving the distribution of narcotics and is classified as a career offender under the United States Sentencing Guidelines.

Following his guilty plea to two counts of possession with intent to distribute narcotics and one count involving the possession of a firearm in furtherance of a drug trafficking crime, United States District Judge Mark S. Norris sentenced Holland on September 24, 2026, to a total term of 322 months' imprisonment, followed by five years of supervised release. There is no parole in the federal system.

U.S. Attorney Dunavant said, "Production and distribution of fentanyl-laced pills present an immediate and grave danger of lethality, and pill presses are instruments of death. This disturbing case demonstrates the lengths to which drug dealers will go to profit from addiction and suffering, and this significant sentence demonstrates our resolve to punish and deter such brazen criminal conduct that has no regard for human life.”

"Career offenders like Mr. Holland deserve the lengthy prison sentences handed down through our justice system,” said Special Agent in Charge Jim Scott, head of the Drug Enforcement Administration’s Louisville Field Division.  “Mr. Holland has been in and out prison and failed to be rehabilitated for his previous crimes; instead choosing a path that led him right back into federal incarceration.”

This case was investigated by the Drug Enforcement Administration (DEA). Additionally, the Tennessee Bureau of Investigation (TBI), West Tennessee Drug Task Force - 30th Judicial District, Shelby County Sheriff’s Office, Bartlett Police Department, Germantown Police Department, and the Collierville Police Department all assisted in this long-term investigation. 

NYS Office of the Comptroller DiNapoli: Wall Street First-Half Profits Soar to Nearly $46 Billion

 

Strong First Half Could Push 2026 Profits to New Record and Boost State and City Tax Revenues

Wall Street is on pace for a far stronger year than anticipated, with profits reaching $45.9 billion in the first half of 2026, up 51.3% from the same period last year, according to a report released today by New York State Comptroller Thomas P. DiNapoli. First-half profits have already surpassed New York City’s $45.3 billion forecast for the entire year, and if the pace of growth continues, profits could exceed $90 billion in 2026. DiNapoli also noted that industry jobs reached a record high in 2026 and expects the 2026 bonus pool to increase, compared with the city’s projection of a 20% decline.  

“Wall Street is having an exceptionally strong year, fueled by a boom in artificial intelligence spending, increased merger and acquisition activity, and elevated trading volumes amid market volatility,” DiNapoli said. “Despite geopolitical tensions and economic uncertainty, the industry has remained resilient. Barring a recession or major market disruption, strong profits should continue to provide an important boost to state and city revenue.” 

DiNapoli’s report uses a traditional measure of the securities industry’s performance by looking at the pretax profits of the broker/dealer operations of New York Stock Exchange (NYSE) member firms. There are 168 NYSE member firms, down from more than 200 in 2007 before the global financial crisis. 

Profits

First-half 2026 profits increased 51.3% year-over-year to $45.9 billion, up from $30.4 billion in the first half of 2025. Trading revenues grew 1.8% to $40.3 billion. Increased trading activity amid shifting market conditions, enthusiasm around artificial intelligence and increased merger and acquisition activity helped drive the strong performance. While the city projects a 30% decline in profits in 2026 to $45.3 billion, results in the first half have already exceeded that full-year forecast.  

Despite strong first-half results, risks remain, including ongoing global conflicts, high inflation and rising interest rates, the outsized contributions of the AI sector, and the deregulatory push of the current administration.  

Full-year 2025 profits totaled $65.1 billion, up 30.4% from $49.9 billion in 2024 and an all-time record, although not when adjusted for inflation. 

Employment, Bonuses and Salaries

Employment in New York City’s securities industry rose to 207,400 jobs in 2025, the highest level since data tracking began in 2000. This was an increase of 7,000 jobs, or 3.5%, from the prior year. Preliminary data for 2026 show the industry on pace to add an additional 5,300 jobs in New York City this year. 

From 2019 through 2025, employment in the securities industry in New York state increased 12.2%, or 24,300 jobs, the largest number of jobs added by any state during this period. New York state had 223,600 securities industry jobs in 2025, more than twice the 102,600 in California, which ranked second nationally.  

While New York added the most securities industry jobs during this period, some states experienced faster rates of growth from smaller employment bases. From 2019 to 2025, Texas added 18,800 jobs, an increase of 25.8%, reaching 91,800 jobs in 2025. Utah had the nation’s fastest growth rate at 46.1%, reaching 10,900 securities industry jobs. 

Preliminary data for the first quarter of 2026 show New York state added 6,400 securities industry jobs compared with the same period in 2025, the largest numerical increase of any state, while its 2.9% growth rate exceeded the national rate of 2.4%. 

The average annual salary, including bonuses, in New York City’s securities industry rose 11.1% to $561,770 in 2025. The industry average salary was more than five times the average salary in the rest of the city’s private sector ($106,880).  

The 2025 bonus pool totaled $49.2 billion, equal to an average bonus of $246,900 per employee, up 6% from the previous year. 

NYSE member firms spent 18.8% more on employee compensation, including salaries, bonuses and equity awards, in the first half of 2026 compared with the same period in 2025. Combined with strong profits and employment, DiNapoli expects the 2026 bonus pool to increase, barring significant economic disruption, compared with the city’s forecast of a 20% decline.  

DiNapoli will release the office’s 2026 bonus estimates in March 2027 based on tax withholding data. 

State and City Tax Revenue

The securities industry is a major tax contributor to New York state and New York City through business taxes on profits and personal income taxes on employees’ salaries. 

The industry generated an estimated $26.3 billion in tax revenue for New York state in State Fiscal Year 2025‑26, up 28.5% from the previous year and representing 20.8% of all state tax collections. Personal income taxes accounted for 88.3% of securities industry-related state tax receipts. As the outlook improved, the state revised its expectations for bonuses in the broader finance and insurance sector upward, from a projected 4.9% increase to a 7.3% increase.  

The securities industry generated an estimated $7.8 billion in tax revenue for New York City in City Fiscal Year (CFY) 2026, up 15.8% from the previous year, representing 9.2% of the city’s total tax collections. The $7.8 billion exceeded the previous record of $6.9 billion in CFY 2022 by 12.2%. About two-thirds (66%) of the industry’s tax contribution came from personal income taxes, with securities industry receipts accounting for nearly one-quarter (24%) of the city’s total personal income tax collections. 

Economic Contributions

DiNapoli’s office estimates the securities industry accounted for 18.8% of New York City’s gross city product in 2024, the most recent year for which data is available. This was a notable increase from both the prior year (18.1% in 2023) and the pre-pandemic average (17.8% for 2015 to 2019). 

DiNapoli estimates that 1‑in‑13 jobs (8%) in New York City were directly or indirectly associated with the securities industry in 2024. 

Report

The Securities Industry in New York City  

Related Work 

The Securities Industry in NYC (October 2025)

The Securities Industry in NYC (October 2024)

NYC Securities Sector Dashboards

2025 Estimated Average Bonus (March 2026) 

From Sirens to Symphonies: Mayor Mamdani Begins $18 Million Project to Transform Long-Vacant Firehouse into New Music Education Center for Noel Pointer Foundation

 

Renovation will create a permanent, three-story home for the music nonprofit 

 

Historic firehouse will be transformed with special acoustic design, soundproofed lesson rooms, recording studios, music library and expanded programming space 

The project will bring a state-of-the-art music facility to Cobble Hill. Credit: MBB Architects.  

Mayor Zohran Kwame Mamdani, Department of Cultural Affairs (DCLA) Commissioner Diya Vij and Department of Design and Construction (DDC) Commissioner Paul A. Ochoa today announced the start of a $17.8 million renovation to transform the former Engine Company 204 firehouse in Cobble Hill, Brooklyn into a permanent home and music school for the Noel Pointer Foundation (NPF).  

 

Originally built in 1857, the 6,000-square-foot historic firehouse will be renovated by DDC on behalf of DCLA, creating a permanent home for NPF and allowing the cultural nonprofit to expand its music education programs for young people from historically underserved communities. 

 

“Noel Pointer understood the power of music to change young people’s lives, because it changed his. With this $18 million investment, we will continue his legacy — transforming an empty firehouse into a place where New Yorkers can learn and create,” said Mayor Mamdani. “The arts are essential to the life of every child, and this new home will allow the Noel Pointer Foundation to bring that opportunity to thousands more young people across our city.” 

 

“The Noel Pointer Foundation is the living legacy of an artist whose practice and worldview were deeply rooted in the community he came from — a legacy that has reached over 40,000 New York City students with a transformative music education,” said DCLA Commissioner Vij. “With today’s groundbreaking, we’re opening a new chapter for the Noel Pointer Foundation, enabling them to advance their mission of engaging young people with the joy and lifelong curiosity that comes with learning music.” 

 

 “When DDC is done renovating this place, the Noel Pointer Foundation will be inspiring musical talents in this firehouse, and instead of the sound of sirens, it will be the sound of music,” said DDC Commissioner Ochoa. “This firehouse was built in 1857, when firefighters used horse-drawn carriages, and has a very special place in the hearts of Cobble Hill residents. With this $17.8 million project, the City will completely transform this historic firehouse into a modern facility that will honor the legacy of Noel Pointer and the brave firefighters who once worked in this building.”     

 

“Over thirty years ago, we founded the Noel Pointer Foundation to continue Noel’s legacy by giving children access to the string music education that transformed his life at a young age. We have operated out of my home, in-schools and in rental facilities throughout Brooklyn, but we never had a dedicated space of our own,” said Chinita Pointer, Executive Director of the NPF. “Now, we will have our first permanent headquarters at the historic DeGraw Firehouse. This building is more than bricks and mortar. It’s a promise to the next generation that music, opportunity and hope will always have a place in our community. Thank you to the NYC Department of Cultural Affairs, the Department of Design and Construction, the New York City Council, the Brooklyn Borough President and all who helped make this dream a reality. Welcome to the home that Noel built.” 

 

“What makes this project meaningful is not the scale of the building, but the spirit of the Noel Pointer Foundation and the extraordinary generosity at the heart of its work,” said MBB Architects Partner Sara Grant. “For decades, the Foundation has given so much to young people and communities across New York City. It is incredibly rewarding to help create a permanent home that gives something back to the organization itself, while strengthening the warmth, connection and sense of belonging that have always defined its mission.” 

The renovation will restore the building’s historic facade and turn the garage doors into glass windows. Credit: MBB Architects. 

Founded in 1995 in memory of Grammy-nominated violinist and native New Yorker Noel Pointer, NPF has reached more than 39,000 New York City public school students through string music training. The organization works to empower young people ages 3 to 18 from historically underserved communities by providing professional music education and performance opportunities. NPF operates music programs in nearly 50 Title I schools and day care centers across the five boroughs, serving more than 2,000 children each year.  

 

The new facility at 299 DeGraw St. will allow NPF to expand its after-school, Saturday and Summer Strings programs. Programs range from beginner classes through pre-professional instruction and include ensemble work in cello, double bass, violin, viola, guitar, piano, DJ, composition and voice; master classes with elite visiting musicians; one-on-one coaching; and audition prep.  

 

Each year, NPF supports students as they pursue admission to specialized schools, conservatories and colleges around the country. A community orchestra also provides opportunities for multigenerational music exploration and appreciation. 

 

The renovation will restore the firehouse’s historic brick and terra-cotta façade. The existing garage doors will be converted into glass windows, bringing natural light into the building and increasing visibility for passersby and patrons. 

 

The new facility will feature specialized acoustic design and soundproofed lesson rooms, offices, a music library and gallery, workstations, storage rooms and a recording studio. An ensemble room will feature a ribbed wood ceiling and acoustic wall baffles to scatter sound.  

 

The project will also include a courtyard for multidisciplinary programming, a new elevator connecting all three floors and an ADA-accessible reception area with an open staircase. The project will maximize the building’s footprint by excavating and finishing the cellar level to create additional rehearsal and recording space. New mechanical, electrical, plumbing, information technology and security systems will modernize the 169-year-old building. New furniture, modern fixtures and other equipment will also be installed.  

 

DDC is working with MBB Architects and A.P.N. Construction Corp on the project. Construction is expected to be completed in fall 2028. Renderings of the project, courtesy of MBB Architects, are available here.  

As part of the new center, NPF will expand its musical programming. Credit: MBB Architects. 

Two Dominican Republic Nationals Sentenced To 180 Months And 151 Months In Prison For Possession Of Ammunition By An Illegal Alien In Connection With The Shooting Of An Off-Duty CBP Officer

 

United States Attorney for the Southern District of New York, Jamie McDonald, Acting Special Agent in Charge of the New York Field Office of Homeland Security Investigations (“HSI”), Pete Gizas, Director of the New York Field Office of U.S. Customs and Border Protection (“CBP”), Francis J. Russo, and Commissioner of the New York City Police Department (“NYPD”), Jessica S. Tisch, announced that MIGUEL FRANCISCO MORA NUNEZ  and CHRISTHIAN AYBAR-BERROA were sentenced to 180 months and 151 months in prison, respectively, for possession of ammunition as illegal aliens in connection with the shooting of an off-duty U.S. Customs and Border Protection (“CBP”) Officer in Manhattan last summer.  MORA NUNEZ and AYBAR-BERROA previously pled guilty before U.S. District Judge Loretta A. Preska, who imposed these sentences.

“These sentences reflect our Office’s commitment to removing violent criminals from our streets,” said U.S. Attorney Jamie McDonald.  “Last summer, Mora Nunez and Aybar-Berroa, who were illegally in the United States, attempted to murder a member of the law enforcement community.  Their actions shocked our city and caused devastating, lasting harm to the victims of their indiscriminate violence.”

“This cold-blooded act of violence nearly cost a heroic officer his life simply because of the defendants’ indiscriminate targeting of innocent citizens,” said HSI New York Acting Special Agent in Charge Pete Gizas. “The defendants’ actions were an affront to every New Yorker who deserves to feel safe, and these sentences serve as a direct message that those who bring this level of danger to our streets will be held fully accountable. Working in lockstep with our law enforcement partners, HSI New York will never back down from investigating and pursuing those whose violence compromises the wellbeing and security of our citizens.”

“This sentencing brings us another step closer to full justice for our officer and our entire community,” said CBP Director of Field Operations Francis J. Russo.  “While our brave officer continues his courageous recovery, this resolution sends an unmistakable message that violence against law enforcement will be met with the full weight of the law.  We are deeply grateful to the Southern District of New York, Homeland Security Investigations, and the New York City Police Department for their unwavering partnership throughout this process, ensuring that those responsible are held fully accountable for their heinous actions.”

According to the charging instruments and statements made in public filings and public court proceedings:

On July 19, 2025, at approximately 11:50 p.m., MORA NUNEZ shot an off-duty CBP Officer in Fort Washington Park in Manhattan.  A bullet MORA NUNEZ fired struck the CBP Officer in the face and right arm.  The CBP Officer returned fire, hitting MORA NUNEZ twice, before MORA NUNEZ fled on a motorbike driven by AYBAR-BERROA.  AYBAR-BERROA later tried to get rid of the clothing he was wearing during the shooting because it was bloody and discussed with a relative of MORA NUNEZ that they needed to get rid of AYBAR-BERROA’s bloody clothes. 

Both MORA NUNEZ and AYBAR-BERROA entered the United States illegally, are in the United States unlawfully, and are subject to orders of removal from the United States.

In addition to their prison terms, MORA NUNEZ, 22, and AYBAR-BERROA, 23, each of the Dominican Republic, were both sentenced to three years of supervised release.

Mr. McDonald thanked HSI, CBP, and the NYPD for their assistance in this case.

This case is being handled by the Office’s General Crimes Unit. 

THIRTEEN DEFENDANTS SENTENCED FOR ROLES IN ORGANIZED RETAIL THEFT OPERATION THAT TARGETED HOME DEPOT LOCATIONS IN NINE STATES

 

Queens District Attorney Melinda Katz announced that 13 defendants have pleaded guilty to felony charges and have been sentenced in connection with an organized theft operation that targeted Home Depot locations in New York and eight other states. Members of the Queens-based theft crew stole building supplies, power tools, smoke alarms and other goods in 319 documented thefts, totaling more than $2.2 million, during a 13-month period. The items were then sold to black market retailers, known as fences, who resold those goods to consumers.

District Attorney Katz said: “This was a remarkable investigation that spanned nine states and 128 Home Depot locations. These 13 defendants stole and resold power tools, appliances and building supplies as part of well-organized and disciplined operation that ultimately took $2.2 million in merchandise from the retailer. With today’s sentence of three to six years in prison, ringleader Armando Diaz is the last of the 13 defendants to have pleaded to a felony and been sentenced. I thank our partners at the New York State Police and my prosecutors for stopping the criminal conduct and bringing a swift conclusion to the case.”

Armando Diaz, 52, of Flushing, pleaded guilty on July 1 to grand larceny in the first and second degrees and criminal possession of stolen property in the first and second degrees in satisfaction of the indictment. Queens Supreme Court Justice Nestor H. Diaz sentenced him today to three to six years in prison.

Diaz was the last of eight members of the theft crew to be sentenced with the others previously receiving state prison or jail time ranging from 364 days to one to three years. Five other defendants – the fences – have also all been sentenced. (See addendum.)

The investigation into the thefts began in June 2024 when members of the DA’s Detective Bureau observed stolen air conditioners from Home Depot while conducting surveillance in a separate matter. An investigation was launched with the New York State Police that included the use of license plate readers and court-authorized electronic surveillance. Home Depot assisted with the investigation by providing crucial video and documentary evidence.

DA Katz said that, according to the indictment and investigation, between August 14, 2024, and September 11, 2025, the theft crew, led by Diaz met almost daily at 5:30 a.m. in a parking lot in East Elmhurst to prepare for the day’s “hits.” The locations of Home Depots to be targeted were determined by a review of merchandise in each store as shown on the retailer’s website and app.

Diaz and seven other members of the theft crew traveled in Diaz’s van and in another lookout vehicle to the targeted locations.

Three or four theft crew members were instructed to enter the Home Depot separately. They did not engage with each other once inside and walked through the aisles as if they were browsing.

Diaz, who was on a conference call with the crew through their earbuds, provided directions on what to steal and how, and whether anyone was watching.

Items were routinely placed in a 96-gallon garbage bin, for instance, or in a cart so they could be wheeled out of the store. In some instances, a crew member placed a large piece of sheetrock or plywood in the cart to shield himself as he wheeled it outside. Oftentimes, a member of the crew distracted a Home Depot employee to facilitate another member of the crew leaving the store with stolen goods and without detection.

Among the most common items stolen were insulation kits, buckets of reflective roof coating, power tools, air conditioners and smoke and carbon monoxide detectors.

The amount of merchandise stolen in a single day ranged from about $1,800 to nearly $35,000.

Once the theft crew had the day’s haul, it was sold to the operation’s five fences. The merchandise changed hands in a Bronx parking lot and was then driven to storage units in that borough; at a Brooklyn home and a Brooklyn storefront; and on an Elmhurst street corner or an Elmhurst residence.

Diaz unloaded merchandise into his home or into his van and Mercedes Benz.

A court-authorized search of three homes, 14 storage units and eight vehicles resulted in the seizure of voluminous amounts of stolen products, including but not limited to:

• Smoke and carbon monoxide detectors
• Air conditioners
• Electrical outlets and outlet boxes
• Lithium-ion batteries
• Copper wire
• Power tools
• Portable jump starters
• Spray foam insulation
• Roof coating
• Housewrap
• Reciprocating saws
• Heat guns
• Bluetooth speakers
• Bolt cutters
• Battery powered chainsaw kits
• Rechargeable flood lights
• Handheld blowers
• Heavy duty tape

The value of the recovered product was $1,414,444.12. All the seized property will be returned to Home Depot along with $20,000 in restitution was paid by one defendant.

A total of $53,770 was forfeited to the Queens District Attorney’s Office along with five vehicles.

The investigation was conducted by members of the District Attorney’s Detectives Bureau, led by Christopher Gately, under the supervision of Lieutenant Joseph Oliver and Sergeant David Moore, and under the overall supervision of Chief Investigator Robert LaPollo; and Assistant District Attorney Brandi Kligman, Assistant Deputy Bureau Chief of the District Attorney’s Crime Strategies and Intelligence Bureau, with the assistance of Senior Intelligence Analyst Joana Ceballos, Intelligence Analyst Luis Perez-Cortes and Supervising Intelligence Analyst Victoria Plachi, under the supervision of Assistant District Attorney Shanon N. LaCorte, Bureau Chief; as well as members of the New York State Police Special Investigations Unit under the supervision of Senior Investigator Mark Buglione, and under the overall supervision of Lieutenant Timothy Gould and Major James Browne.

The Department of Homeland Security Investigations, the New York State Office of the Attorney General’s Special Operations Unit and Home Depot also provided assistance.

Assistant District Attorneys Kligman and Catherine Jahn, Section Chief in the District Attorney’s Financial Frauds Bureau, prosecuted the case under the supervision of Assistant District Attorney Shanon N. LaCorte, Bureau Chief of the Crime Strategies and Intelligence Bureau, and under the overall supervision of Executive Assistant District Attorney of Investigations Joseph T. Conley III.

ADDENDUM

Armando Diaz, 52, of Flushing, pleaded guilty on July 1 to grand larceny in the first and second degrees and criminal possession of stolen property in the first and second degrees in satisfaction of the indictment. Diaz was sentenced on October 5 to three to six years in prison.

Francisco Ayala-Ariza, 36, of Woodhaven, pleaded guilty on May 20 to grand larceny in the first degree. Ayala-Ariza was sentenced on June 10 to one to three years in prison.

Wilfredo “Fredo” Arango-Calle, 38, of Oakland Gardens, pleaded guilty on June 1 to grand larceny in the first degree. Arango-Calle was sentenced on June 18 to one to three years in prison.

Oscar Eduardo Valencia Diaz, 41, of Middle Village, pleaded guilty on May 18 to grand larceny in the first degree. Diaz was sentenced on June 15 to one to three years in prison.

Mateo Arias Toro, 30, of Middle Village, pleaded guilty on June 29 to grand larceny in the second degree. Toro was sentenced on July 23 to one to three years in prison.

Victor Diaz, 51, of Flushing, pleaded guilty on April 13 to grand larceny in the third degree. He was sentenced on April 13 to 364 days in jail.

Joana Carolina “La Mona” Fermin, 39, of Hicksville, pleaded guilty on June 11 to criminal possession of stolen property in the third degree. She was sentenced on September 30 to 364 days in jail.

Freddy “El Torito” Padilla, 46, of the Bronx, pleaded guilty on July 23 to criminal possession of stolen property in the third degree. Padilla was sentenced on July 23 to five years of probation.

Jonathan Tascon Suarez, 32, of Orange County, pleaded guilty on February 18 to grand larceny in the third degree. Suarez was sentenced on February 18 to 364 days in jail.

Kyle “Italian” Goonan, 35, of Brooklyn, pleaded guilty on March 24 to grand larceny in third degree. Goonan was sentenced on April 23 to three years of probation.

David Araque Montoya, 32, of Middle Village, pleaded guilty on June 8 to grand larceny in third degree. Montoya was sentenced on June 8 to 364 days in jail.

Angel Yamba Ortiz, 30, of Elmhurst, pleaded guilty on June 29 to criminal possession of stolen property in the fourth degree. Ortiz was sentenced on June 29 to a conditional discharge.

Nechemia Blatter, 62, of Brooklyn, pleaded guilty on August 17 to criminal possession of stolen property in the third degree. Blatter was sentenced on August 17 to a conditional discharge and must pay restitution to Home Depot in the amount of $20,000.