Wall Street Profits Surge Again, Giving New York a Fiscal Boost
Wall Street’s profits could top $60 billion in 2025 if current trends continue, according to a report released by Comptroller DiNapoli. The securities industry earned $30.4 billion in the first half of 2025, a faster pace than last year, when full year profits totaled $49.9 billion, the fourth-highest level on record. DiNapoli anticipates profits and bonuses could help generate higher-than-expected city and state tax collections if this pace continues.
“The securities industry’s gains provide an important boost for tax revenues that support critical investments in housing, transportation, and public services that New Yorkers depend on,” DiNapoli said. “While uncertainty remains around interest rates, inflation and the broader economy, Wall Street looks to have another strong year.”
Transportation Company Owner and Office Manager Indicted in $1.8 Million Medicaid Scheme
The owner of a Schenectady County medical transportation company was charged with stealing more than $1.8 million from the state’s Medicaid program over a nearly four-year period, Comptroller DiNapoli, Schenectady County District Attorney Robert Carney and Schenectady County Sheriff Dominic Dagostino announced Friday. The company’s office manager was also charged with money laundering in connection with the scheme.
The company owner is accused of inflating Medicaid bills from January 2020 through September 2024 by submitting claims for rides which never occurred, overbilling for group rides, and lying about the destinations of the trips to inflate their payments. The office manager is accused of paying kickbacks to Medicaid recipients as part of the scam.
Owner of Medical Company Charged with Running Sham Transportation Service Scheme
Comptroller DiNapoli, Acting United States Attorney for the Northern District of New York John A. Sarcone III, and Acting Inspector General for U.S. Department of Transportation Office of Inspector General Mitch Behm announced the indictment of the owner of Pearl Transit Corp., on ten counts of wire fraud for her role in a scheme to defraud New York State of over $1.2 million in transportation grant funds.
Troy Housing Authority Worker Arrested for Running Private Business on Authority Time
Comptroller DiNapoli, Rensselaer County District Attorney Mary Pat Donnelly, and New York State Police Superintendent Steven G. James announced the arrest of a former Troy Housing Authority information technology employee for the alleged theft of $7,089 in wages. The former employee is accused of running his own company while clocked in at his job for the housing authority.
Help for Vulnerable Adults in NYC Falls Short
Assistance fell short for vulnerable adults in New York City because Adult Protective Services experienced staff shortages and high caseloads, according to an audit by Comptroller DiNapoli. The audit found that inadequate state oversight led to missed visits and delayed service plans, leaving some adults with physical or mental challenges without timely services.
“Our audit found that staff shortages and high caseloads strained New York City’s Adult Protective Services,” DiNapoli said. “Case files showed missed visits, delayed eligibility decisions and late service plans. The Office of Children and Family Services needs to strengthen its oversight, so caseworkers have the support they need to help the adults who depend on these services.”
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