New Council Economic & Tax Revenue Forecast Projects $3.3 Billion More in Revenue than OMB for Fiscal Years 2024 and 2025, Over $13.6 Billion More through Fiscal Year 2028

 

Revenue projections are raised by improvements in economic prospects – provide opportunity to make different budget decisions, even as expected lower growth and questions of unbudgeted expenses remain   

Today, the New York City Council released its February 2024 Economic and Tax Revenue Forecast, ahead of its hearings on the Mayor’s Fiscal Year (FY) 2025 Preliminary Budget, that estimates the City will receive $3.3 billion more in tax revenues for FYs 2024 and 2025 than projected by the Mayor’s Office of Budget and Management (OMB). The new estimates anticipate over $13.6 billion higher tax revenues than OMB throughout the Financial Plan years, averaging $3.4 billion in each of the outyears of FYs 2026-2028 ($2.73B in FY26, $3.02B in FY27, and $4.56B in FY28). The higher projections are driven by improvements in the national and city economic outlook, even as overall growth is expected to be historically slower than the past decade.

The Council Forecast projects this would lead the City to have a budget surplus of $1.32 billion in FY24 and $3.53 billion in FY25, and smaller, manageable outyear gaps of an average $550 million per year ($970 million in FY26, $646 million in FY27, and $35 million in FY28), with the $1.45 billion of in-year reserves currently budgeted for each fiscal year that must be expended within the same year incorporated.

The Council’s full report is available here.

“New York City’s economy has endured, and we now expect an estimated $3.3 billion more in revenue than the Mayor’s budget office for fiscal years 2024 and 2025, and even more in the outyears. This means we can and should be making some different budget decisions, protecting the priorities of New Yorkers,” said Speaker Adrienne Adams and Finance Chair Justin Brannan. “From 3K to CUNY, libraries, and our cultural sector, stronger than expected tax revenues allow us to restore the blunt cuts that weren’t necessary in the first place. Economic uncertainty, uneven employment growth, and a durable but slow burning recovery makes it critical to adequately prepare our city for potential challenges. It’s vital that we continue prioritizing essential and targeted investments that promote health, safety, and opportunity for all New Yorkers. As we head into preliminary hearings, we look forward to a productive dialogue with the Administration and other stakeholders as we work towards a budget that delivers for all New Yorkers.”

The Council’s average projected annual tax revenue growth rate for the coming fiscal years is 3.3 percent, which is far closer to the Independent Budget Office (IBO)’s projected growth rate (3.1%) compared to OMB’s (2.2%). However, this still represents a significant slowdown in collections compared to the 5.5% growth experienced by the City from FY10 through FY19.

Despite a national economy that has outperformed expectations, the Council expects slower growth for future years, due to the lingering impact of high interest rates and a labor market with rising unemployment peaking at 4.4 percent in 2025. Inflation is expected to gradually decelerate, leading the Federal Reserve to begin cutting the federal funds rate that lowers interest rates.

The City economy is expected to continue steadily growing, but the City’s labor market continues to cool and job gains have been uneven. Total employment growth slowed to 1.8 percent year-over-year in the final quarter of 2023, following 3 percent growth in the previous quarter. Health care and education sectors primarily drove city employment increases, while job levels in the retail, leisure and hospitality, and construction sectors remain below pre-pandemic levels. Low-wage jobs comprise an increasing share of employment, which is expected to moderate average wage growth. The Council forecast also revealed a slow real estate market expected to persist, without worsening, due to an elevated office vacancy rate projected to remain above 20 percent through 2028 and high mortgage rates depressing one-to-three family home sales.

Multiple budget watchdogs, including the city’s Independent Budget Office, have anticipated hundreds of millions of dollars in unbudgeted expenses left out of the Mayor’s Preliminary Budget for FY25 for a range of city programs. These include spending on CityFHEPS housing assistance vouchers based on FY24 spending levels, several Department of Education programs, and personnel costs in the uniformed agencies. The Council has raised concerns about these types of expenses being omitted in previous budgets, which will need to be addressed.

Attorney General Merrick B. Garland Deliver Remarks on Bloody Sunday at Tabernacle Baptist Church in Selma, Alabama

 

Good morning. Thank you, Pastor Culliver, for having me today. And thank you for having Kristen Clarke, our great Civil Rights Assistant Attorney General.

We are so grateful to be here with this congregation and this community. 

The Justice Department owes an enormous debt of gratitude to the courageous activists who marched here in Selma 59 years ago. And to those who will march today. 

There are many things that are open to debate in America. One thing that must not be open for debate is the right of all eligible citizens to vote and to have their vote counted.

The right to vote is the cornerstone of our democracy, the right from which all others flow. It is a right that members of this community bled for.

And yet, progress in protecting the right to vote — especially for Black Americans — has never been steady.

Indeed, throughout our country’s history — before Bloody Sunday, and after — the right to vote in America has been under attack. 

It was under attack in the wake of the Civil War and amidst Reconstruction, when white supremacists used violence and threats of violence to stop Black Americans from exercising their right to vote. 

It was at that time that the Department of Justice was founded, with the principal purpose of protecting the rights guaranteed by the 13th, 14th, and 15th Amendments. And in those first years the Justice Department was founded, it by successfully prosecuting more than a thousand members of the Ku Klux Klan.  

But the right to vote was still under attack nearly a century later, when Black residents trying to register to vote in this county, and in jurisdictions across the country, were required to take nearly impossible tests that were designed to ensure that they fail. 

And the right to vote was under attack on Sunday, March 7, 1965, when civil rights activists set out to march from Selma to Montgomery and were met with horrific violence.

The marchers’ courage helped usher into law the Voting Rights Act of 1965, which gave the Justice Department important authorities to protect the right to vote. 

Because of that law, between 1965 and 2006, the Justice Department was able to block more than 1,200 restrictive voting changes in jurisdictions with a history of suppressing the vote. 

But as you well know, court decisions in recent years have drastically weakened the protections of the Voting Rights Act that marchers on the Edmund Pettus Bridge bled for 59 years ago. 

And since those decisions, there has been a dramatic increase in legislative measures that make it harder for millions of eligible voters to vote and to elect the representatives of their choice.

Those measures include practices and procedures that make voting more difficult; redistricting maps that disadvantage minorities; and changes in voting administration that diminish the authority of locally elected or nonpartisan election administrators.

Such measures threaten the foundation of our system of government.

Some have even suggested giving state legislatures the power to set aside the choice of the voters themselves.

That is not the way a representative democracy is supposed to work.

The right to vote is still under attack.

And that is why the Justice Department is fighting back.

That is why, one of the first things I did as Attorney General was to double the number of lawyers in the Voting Section of the Civil Rights Division. 

That is why we are challenging efforts by states and jurisdictions to implement discriminatory, burdensome, and unnecessary restrictions on access to the ballot, including those related to mail-in voting, the use of drop boxes, and voter ID requirements.

That is why we are working to block the adoption of discriminatory redistricting plans that dilute the vote of Black voters and other voters of color.

We are holding accountable jurisdictions that fail to provide accessible vote centers for voters with disabilities.

We are defending the ability of private individuals — not just the government — to bring lawsuits under the key provisions of the Voting Rights Act and the Civil Rights Act of 1964.

We are joining with community groups and civil rights organizations across the country by intervening in cases to defend the constitutionality of the Voting Rights Act’s prohibition on voter intimidation. And to defend the Act’s bar against voting practices or procedures that discriminate on the basis of race or color.   

There is so much more to do. 

Yet, these are not the only threats our democracy is facing.

Today, threats to the right to vote have expanded to target not just the voters themselves, but the citizens we rely on to fairly administer voting. Not just elected officials, not just paid administrators, but also the local volunteers who ensure that voting is available in every precinct.

That is why I launched the Justice Department’s Election Threats Task Force to combat threats against election workers.

That is why we are aggressively investigating and prosecuting those who threaten election workers with violence. 

Just last Tuesday, for example, an Indiana man pled guilty to threatening to kill an election worker in Michigan, falsely claiming that the worker had “frauded out America of a real election.” And just last Thursday, we arrested a California man who transmitted a violent threat against an Arizona election official, while falsely accusing that official of “cheating the election.”

Our democracy cannot function if the public servants and civic-minded citizens who administer our elections fear for their lives.

The Justice Department recognizes the urgency of this moment.

Defending democracy was the Justice Department’s founding purpose. And it is the foundation of everything we do today.

We recognize that community and civic leaders here, and across the country, are advancing that work, day in, and day out.

Our commitment to you is that we will never stop working with you, and for you, to ensure that every eligible voter can cast a vote that counts.

In an editorial published shortly after his death — and 55 years after he led marchers to the Edmund Pettus Bridge — John Lewis recalled an important lesson taught by Dr. Martin Luther King Jr. “Democracy is not a state,” he said. “It is an act. And each generation must do its part.”

We promise you that we will do our part.

This generation’s Justice Department knows that you are doing your part.

We know that our democracy depends on it.

Thank you.

Permits Filed For 2775 Reservoir Avenue In Kingsbridge Heights, The Bronx

  

Permits have been filed to expand a two-story structure into four-story residential building at 2775 Reservoir Avenue in Kingsbridge Heights, The Bronx. Located between West 195th Street and Strong Street, the lot is near the Kingsbridge Road subway station, serviced by the 4 train. Yitzi Salamon is listed as the owner behind the applications.

The proposed 53-foot-tall development will yield 6,674 square feet designated for residential space. The building will have 15 residences, most likely rentals based on the average unit scope of 444 square feet. The steel-based structure will also have a cellar, penthouse, and one enclosed parking space.

James Chun of Chun Engineering Consultant PLLC is listed as the architect of record.

Demolition permits will likely not be needed as the project calls for a vertical and horizontal expansion. An estimated completion date has not been announced.

Attorney General James Stops Ponzi Schemer Targeting Harvard Business School Alumni

 

Harvard Business School Alum Vladimir Artamonov Tricked HBS Alumni into Investing in Ponzi Scheme, Cheating Investors out of at least $2.9 Million

AG James Urges Anyone Defrauded by Artamonov’s Scheme to File a Complaint

New York Attorney General Letitia James has taken action to stop a fraudster who is tricking Harvard Business School (HBS) alumni and associates into investing in a fraudulent Ponzi scheme. Vladimir Artamonov, a HBS alumnus, solicited at least $2.9 million from at least 29 investors, many of whom he met through his connections to HBS. Attorney General James secured a court order to stop Artamonov from harming investors through his fraudulent scheme and to stop him from withdrawing and transferring funds in his bank and brokerage accounts. This matter came to light when the Office of the Attorney General (OAG) was informed that one of Artamonov’s initial investors ended his own life after discovering that he lost $100,000 because of Artamonov’s fraud. Even after the tragedy, Artamonov continued to solicit new investors and lied to them regarding the fund’s strategy and performance. Any investors who may have suffered losses due to Vladimir Artamonov’s scheme are encouraged to contact OAG and file a complaint. 

“Even sophisticated investors can be conned by fraudsters, especially when personal relationships and networks are used to build a false sense of trust,” said Attorney General James. “Vladimir Artamonov used his alumnus status from Harvard Business School to prey on his classmates and others while seeming legitimate and dependable. Instead, he has been scamming people out of their investments, with horrific consequences. Today, we have put a stop to this scheme and encourage anyone who has been defrauded to come forward to my office.”

Artamonov attended HBS and graduated in 2003 with a Master’s in Business Administration. After graduating, Artamonov moved to New York and was once registered with New York as a securities professional, but not at the time he solicited money from the investors for his fund. From September 2021 through the present, Artamonov solicited money from the public for an investment fund that he called “Project Information Arbitrage” or the “Artamonov Fund.” Artamonov identified many of his investors through the HBS alumni network. Many of his investors did not have a close personal relationship with him and only knew him as an acquaintance.

The OAG alleged that Artamonov lured clients by claiming that he could learn which investments Berkshire Hathaway would make ahead of the market by examining public state insurance filings. Artamonov boasted to his investors that it is like “having a private time machine” and “getting tomorrow’s newspaper today,” and projected returns of 500-1,000 percent. In reality, Artamonov used his investors’ money to buy short-term options that expired within days of purchase and appeared to have no relation to Berkshire Hathaway or its investment activities. Artamonov lost millions of investors’ funds by investing in these short-term options, but did not disclose the loss to his investors. To cover up the losses, Artamonov told the investors that it had been a “quiet” month and to just wait and see.

Since 2021, Artamonov has secured at least $2.9 million from at least 29 individual investors and engaged in a Ponzi scheme by paying the existing investors with the new investors’ fund. For instance, in October of 2022, Artamonov received $100,000 from an investor, and lost virtually all of these funds within a few weeks on short-term options. But when the investor asked for an update, Artamonov told the investor that he had yet to invest and solicited an additional $50,000 from him. Artamonov also used new investors’ money to repay existing investors who asked for their money back, in effect engaging in a Ponzi scheme. Artamonov also used his investors’ money to fund unauthorized personal expenses for vacations, shopping, and dining. 

In the petition filed with the New York County State Supreme Court under Section 354 of the Martin Act, New York’s powerful securities law, Attorney General James asked the Court for a preliminary injunction restraining Artamonov from providing financial services, engaging in fraudulent conduct, and withdrawing and transferring funds from his bank accounts. Attorney General James also secured an order directing Artamonov to testify and produce books and records which are material and necessary to OAG’s ongoing investigations. 

Meeting Date Change - 3/7/2024 - 6:30 P.M. - NYPD Build the Block - 49 Pct

 

49th Precinct Sector A Build the Block

Thursday March 7th

Meeting starts at 6:30 P.M.
Morris Park Community Association, 1824 Bronxdale Ave. 

Post Amendment Approval Issued For 806 East 170th Street In Crotona Park East, The Bronx

 

Permits have been updated for 806 East 170th Street, a seven-story residential building in Crotona Park East, The Bronx. Initial permits from Hershy Silberstein of Blue Shine Builders Inc. in 2022 called for a 44-unit structure under the 421A tax abatement program, which incentivized multi-family housing to be built on vacant or underutilized lots. Under the post-approval amendment (PAA), the scope has been expanded to 110 dwelling units. Because it went through a PAA process and a new permit was not issued, it will retain its 421A tax status, even though the program ended in June 2022.

Designed by Kao Hwa of Kao Hwa Lee Architects, the 70-foot-tall structure will span 76,346 square feet and also contain 55 open parking spaces and 55 bicycle parking spaces.

806 East 170th Street is located just to the south of Crotona Park. It is steps from stops for the Bx17 and Bx21 bus lines, and an eight-minute walk from the Freeman Street subway station, served by the 2 and 5 trains.

Wave Hill Weekly Events March 21 – March 28 | Free Family Frog Fest & Telmary Performs

  

Our first free community event of the year is here – Thur, March 21! The frogs and all their friends are back from hibernation and we’re celebrating! This family-friendly event is free to all. Visiting educators from Tenafly Nature Center will be on site to answer all your questions. Our gardens will stay open late so you can keep an ear out for their nighttime songs. Or just come enjoy the gardens at sunset and festive food and drinks from our café. 

And don’t miss our last Armor Hall Concert of the season!  A Cubadisco and Juno award winner and Latin Grammy nominee, Telmary will perform a special "unplugged" program for her Wave Hill debut. Ages 8 & up. Save on advance tickets.  

Save the Date: April 8 

Wave Hill will be hosting a free Solar Eclipse Viewing Party. Experience this amazing celestial event from our open lawns with spectacular views of the Hudson River and open sky above. Pot up some seeds and make a festive eclipse party hat or celestial floral headband at our activity stations and enjoy live music and story time with the Riverdale Library. There's solar-spirited fun for all at this community event!  

Frogs and Friends  

Thu, Mar 21 4:30PM – 7:00PM 

Free and admission to the grounds is free on Thursdays 

Advance registration encouraged 

Spring is the time when frogs and other amphibians emerge from winter hibernation, and we can’t wait! Help us celebrate their return with an evening of nature discovery and play. Listen to a chorus of spring peepers and their kin as you get up close and personal with live frogs, toads and salamanders with a visiting educator from Tenafly Nature Center. Craft frog and toad-inspired art and practice your jumping skills or get cozy in our book nook. Don’t miss this evening of froggy family fun!  

Family Art Project: Sounds of Nature

Sat, Mar 23, 10:00AM – 1:00PM  

Sun, Mar 24, 10:00AM – 1:00PM

Free with admission to the grounds  

Registration not required  

Let’s make music! A breeze through the trees, the hoot of an owl, rain falling on a pond, the natural world is full of beautiful sounds. We’ll make and decorate our very own instruments that mimic the tunes and tones in nature. 

Intro to Birding  

Sat, Mar 23 10:00AM – 12:00PM 

$17; including admission to the grounds. Wave Hill Members save 10%. 

Registration required 

Anyone can be a birder! Ryan Mandelbaum from the Feminist Bird Club is here to guide you through your first birding session. Learn tips and tricks to observe and identify common birds in your local park, garden or neighborhood using visual and auditory cues as well as helpful birding apps such as eBird and Merlin. Find out how to prepare for your outings and practice using binoculars (bring your own or borrow ours). Afterwards, venture outside to put your new skills to use while observing birds in Wave Hill's gardens and at our bird feeding station. You'll be birding in no time!  

Garden and Conservatory Highlights Walk 

Sun, Mar 24, 1:00PM – 1:45PM 

Free with admission to the grounds 

Registration not required 

Join a knowledgeable Wave Hill Garden Guide for a leisurely stroll in the gardens. Topics vary by season and the expertise of the Guide--come back for an encore; each walk varies with the Guide leading it. This walk lasts a half-hour to 45 minutes. Public Garden Walks are most appropriate for adults or young adults.  

Armor Hall Concert: Telmary  

Sun, Mar 24, 2:00PM – 3:00PM  

$30 Adult/$16 Student with ID/$14 Child (8-18), including admission to the grounds. Advance tickets $2 off. Wave Hill Members save 10% 

Street poet and musician, Telmary has emerged as a leader and trendsetter on the cutting edge of hip-hop and urban music in Cuba. As a rapper, Telmary uses her distinctive voice, at times deep and soulful, at times fast and aggressive to proclaim a positive, empowering message, tearing down cultural barriers and connecting people of different backgrounds and languages. A Cubadisco award winner, Juno award winner and Latin Grammy nominee, Telmary has devised a special "unplugged" program for her Wave Hill debut, featuring horns, percussion and vocals. Ages 8 & up

This concert is part of “Roots and Branches,” Wave Hill’s indoor concert series featuring artists from across musical disciplines, exploring how traditions and heritage inspire musical exploration and growth. 

HOURS: 10AM–5:30PM, Tuesday–Sunday 

Shuttle Service suspended until Spring 

Information at 718.549.3200. On the web at wavehill.org.  

Gunvor S.A. Pleads Guilty to Scheme to Bribe Ecuadorian Officials and Ordered to Pay Over $600 Million in Criminal Penalties

In federal court in Brooklyn, Gunvor S.A. (Gunvor), a part of the Gunvor Group, one of the largest commodities trading firms in the world, pleaded guilty to one count of conspiracy to violate the Foreign Corrupt Practices Act (FCPA).  The charge arises out of a scheme to bribe officials of the Ecuadorian Ministry of Hydrocarbons and Petroecuador, the Ecuadorian state-owned oil company, in order to obtain contracts to purchase oil products.  The proceeding was held before United States District Judge Eric N. Vitaliano.  As part of the company’s sentence, Gunvor was ordered to pay a criminal penalty of approximately $661 million. 

Breon Peace, United States Attorney for the Eastern District of New York, Brent S. Wible, Acting Senior Counselor of the Justice Department’s Criminal Division, and Jeffrey B. Veltri, Special Agent-in-Charge, Federal Bureau of Investigation, Miami Field Office (FBI), announced the guilty plea and sentence.    

“This guilty plea and sentencing marks yet another example of this office’s efforts to combat widespread corruption,” said U.S. Attorney Breon Peace for the Eastern District of New York. “Corruption erodes the public’s trust in their government, prevents government officials from acting in the best interests of the people they represent and harms businesses that play by the rules, driving up prices for consumers. The Justice Department, including my Office, will not tolerate bribes being paid by American companies or foreign companies misusing the U.S. financial system.”

“Over nearly a decade, Gunvor representatives bribed high-level government officials at Ecuador’s state-owned oil company to enter into business transactions with other state-owned entities that ultimately benefited Gunvor. As a result of this complex bribery scheme, Gunvor obtained hundreds of millions of dollars in illicit profits,” said Acting Senior Counselor Wible. “Foreign bribery emboldens corrupt officials and undermines the rule of law. Gunvor’s guilty plea demonstrates that the Criminal Division remains resolute in our efforts to root out bribery and official corruption. We will continue to hold both corporations and individuals who bribe foreign officials to account, in coordination with our international partners.”

“Gunvor’s years long bribery scheme involving high-level Ecuadoran officials was both detrimental to the business environment and eroded the public’s trust and confidence in their government,” stated FBI Special Agent-in-Charge Veltri. “This guilty plea and significant fine would not have been possible without significant cooperation from our international partners in the Cayman Islands, Colombia, Curacao, Ecuador, Panama, Portugal, Singapore, and Switzerland. This truly was an international effort.”

In connection with the resolution, Gunvor entered into a plea agreement with the government and pleaded guilty to an information charging the company with conspiracy to violate the anti-bribery provisions of the FCPA.  Following the plea, Judge Vitaliano sentenced Gunvor to pay a criminal monetary penalty of more than $374 million and to forfeit more than $287 million in ill-gotten gains.  The sentence includes credits of up to $93 million each for amounts Gunvor pays to resolve investigations by Swiss and Ecuadorian authorities into the same misconduct so long as the payments are made within 12 months of today’s date.   

According to the company’s admissions and court documents, between 2012 and 2020, Gunvor and its co-conspirators paid more than $97 million to intermediaries understanding that some of the money would be and in fact was used to bribe numerous Ecuadorian officials, including Nilsen Arias, a then-high ranking official at Petroecuador.  The bribe payments were routed through banks in the United States using shell companies in Panama and the British Virgin Islands controlled by Gunvor’s co-conspirators.  A Gunvor employee directed one of the intermediaries to use the bribe money to purchase an 18-karat gold Patek Philippe wristwatch for Arias.   

In exchange for these bribe payments, high-level Ecuadorian officials helped Gunvor win contracts to provide a series of oil-backed loans to Petroecuador.  The oil-backed loans were made through other state-owned entities, which acted as “fronts” for Gunvor.  Because the contracts were with other state-owned entities, Petroecuador rules did not require a competitive bidding process, allowing Gunvor and co-conspirators to obtain contracts it would not have been able to obtain directly.  Gunvor also received confidential Petroecaudor information. 

In total, Gunvor earned more than $384 million in profits from the business it corruptly obtained related to Petroecuador. 

The department reached this resolution with Gunvor based on a number of factors including the nature and seriousness of the offense, which involved a multi-year scheme to bribe numerous senior Ecuadorian government officials in order to obtain lucrative business resulting in more than $384 million in profits to Gunvor; and that Gunvor has a history of misconduct.  In October 2019, Gunvor reached a resolution with the Office of the Attorney General of Switzerland concerning a corrupt scheme to bribe officials in Congo-Brazzaville and Côte d’Ivoire to secure oil contracts. The conduct that is the subject of today’s guilty plea occurred, in part, at the same time as the prior Swiss investigation and resolution.  Accordingly, taking into account these and other factors, including Gunvor’s cooperation and remediation, the total criminal penalty reflects a 25% reduction off the 30th percentile of the applicable U.S. sentencing guidelines fine range.

The department previously secured convictions in the Eastern District of New York of four individuals who were implicated in Gunvor’s bribery scheme, including:

• Antonio Pere Ycaza, a former consultant for Gunvor, pleaded guilty on Oct. 7, 2020, to one count of conspiracy to violate the FCPA and one count of conspiracy to commit money laundering.
• Enrique Pere Ycaza, a former consultant for Gunvor, also pleaded guilty on Oct. 7, 2020, to one count of conspiracy to commit money laundering and to violate the FCPA.
• Raymond Kohut, a former Gunvor employee and agent, pleaded guilty on April 6, 2021, to one count of conspiracy to commit money laundering.
• Nilsen Arias Sandoval, a former senior Petroecuador official, pleaded guilty on Jan. 19, 2022, to one count of conspiracy to commit money laundering.

The investigation was conducted by FBI Miami’s International Corruption Squad.  The government’s case is being handled by the Business and Securities Fraud Section of the United States Attorney’s Office for the Eastern District of New York and the Criminal Division’s Fraud Section and the Money Laundering and Asset Recovery Section (MLARS) Special Financial Investigations Unit.  Assistant United States Attorneys Jonathan P. Lax, Nick M. Axelrod and Matthew R. Galeotti of the Eastern District of New York are prosecuting the case with Assistant Chiefs Derek J. Ettinger and Jonathan P. Robell and Trial Attorney Clayton P. Solomon of the Fraud Section, Deputy Chief Adam J. Schwartz and Trial Attorney D. Hunter Smith of MLARS. Assistant United States Attorneys Laura Mantell and Brendan King of the Eastern District of New York’s Asset Recovery Section are handling forfeiture matters.

The Justice Department’s Office of International Affairs and authorities in the Cayman Islands, Colombia, Curacao, Ecuador, Panama Portugal, Singapore and Switzerland provided valuable assistance in this matter.