NYC Hits Record Low Unemployment, Adds 39,000 Jobs in Jan 2017

4.5% unemployment rate is lowest since 1976

New York City added 329,800 new jobs since Mayor de Blasio took office

New York City Economic Development Corporation (NYCEDC) today announced that citywide unemployment dropped to a record low of 4.5 percent in January 2017, the lowest rate since 1976, which is the earliest available unemployment data from the New York State Department of Labor (NYSDOL). The unemployment rate breaks the previous record of 4.6 percent in December 2006, and is down from 5.3 percent in January 2016. Citywide unemployment is down from 8.1 percent in December 2013, representing a 3.6 percent drop since Mayor de Blasio took office.

Based on a seasonally-adjusted analysis, New York City added 39,000 private sector jobs in January 2017. New York City has added 329,800 private sector jobs since Mayor de Blasio took office.

Educational Services contributed to the majority of the job growth in January 2017, adding 12,900 jobs. Accommodation & Food Services and Professional, Scientific, & Technical Services had the next largest gains with 6,100 and 3,300.

The New York State Department of Labor (NYSDOL) releases employment data for New York City and State that it collects under a joint program with the Bureau of Labor Statistics. This information is subject to adjustment as more data becomes available.

"As our economy continues to grow, we are seeing record low unemployment and new jobs in nearly every sector," said Deputy Mayor for Housing and Economic Development Alicia Glen. "This is happening because we are making smart, targeted investments, building an accessible economy with more middle class jobs -- and the training New Yorkers need to get them."

“Our job creation strategy is about pulling more people into the middle class, and creating better opportunities for their families. While we are seeing incredible job gains and a historically low unemployment rate, we must focus our attention on job quality. We are going to continue to make targeted investments across the five boroughs to pull in more New Yorkers and create 100,000 quality jobs over the next decade,” said NYCEDC President and CEO James Patchett.

Mayor de Blasio has continued to focus on creating quality jobs in high-growth industries across the five boroughs. In his State of the City address, Mayor de Blasio committed to creating 100,000 good jobs in New York City over the next ten years, with 40,000 new jobs within four years. Since then, the Cityunveiled a new ‘Made in New York’ Campus at Bush Terminal which create 1,500 new jobs in film, television and garment manufacturing.

In late February, Mayor de Blasio unveiled plans for a Union Square Tech Hub that will generate 600 good paying jobs and will include a digital job training facility for all New Yorkers as well as modern, flexible workspaces designed to meet the needs of early-stage startups in New York’s innovation economy.

Earlier this week, Mayor de Blasio announced the creation of 200 new jobs through the soon to be launched Citywide Ferry Service. Through six routes, the new transportation system will connect New Yorkers along the city’s hundreds of miles of waterfronts to job centers in Sunset Park, the Brooklyn Navy Yard, and lower Manhattan, among others.

Based on economic analysis done by NYCEDC based on released City and State job data through June 2016,  jobs and wages have gone up in every borough since the beginning of the de Blasio Administration. Specifically, the analysis found that Brooklyn saw the highest growth in private sector jobs with an increase of 12.8 percent; the Bronx saw the biggest drop in unemployment, with a decrease of 4.4 percentage points; and Manhattan saw the highest growth in average wages, with an increase of 5.9 percent.

NYCEDC 

Bronx Republican Dinner

  Last night saw the rebirth of the Bronx Republican Party under new Chair Michael Rendino. After suffering the indictment of two of the three previous Bronx Republican County Leaders, and the failing health of the past county leader John Greaney. New Republican County Leader Mike Rendino had a very successful dinner with almost 400 Republicans, Conservatives, and even Democrats in attendance. There were even three possible Republican Mayoral Candidates John Catsimatidis, Paul Massey, and Michael Faulkner, along with representation from different boroughs including Republica rich Staten Island. 

  What was seen last night had to be the rebirth of the Bronx Republican Party under County Leader Mike Rendino. The Honorees included the former Bronx Republican Leader John Greaney, Businessman Darnell Sutton, Frank Spotorno former candidate for congress who garnered 30,000 votes against an entrenched Democratic incumbent, Freddy winter a 12 year veteran of the NYPD, and Wayne Gurman Bronx actor, director, and producer. 

  Also on hand working the room was 13th City Council candidate John 'The Tax Man' Cerini who will be the candidate of the Republican Party in the 13th City Council race. There are six Democrats looking to be the candidate of the Democratic Party, and candidate Cerini did not have a preference as to who he wanted to run against. Photos are below.

Above -Chair Rendino with his candidate for the 13th City Council district John Cerini.

Below - Chair Rendino with some Bronx Republicans.

Above - Possible Mayoral candidate John Catsimatidis with New York State Republican Chair Ed Cox.

Below - Republican Mayoral candidate Paul Massey talks to the audience.

Above - Republican Mayoral candidate Michael Faulkner.

Below - Former Bronx Board of Election Republican Commissioner J.C. Polonco with possible Mayoral candidate John Catsimatidis.

Above - Chair Rendino welcomes and talks about the future of the Bronx Republican Party, and its goals which include electing a Republican Mayor in 2017.

Below the Executive members of the Bronx Republican Party. The District Leaders and State Committee members.

Independent Democratic Conference’s Religious Freedom legislative package passes State Senate

Bills to combat hate against religious groups after uptick in threats against JCCs and anti-Muslim incidents receive overwhelming support

Members of the New York State Senate overwhelmingly approved pieces of legislation which are part of the Independent Democratic Conference’s Religious Freedom package on Tuesday to combat hate-inspired crimes in New York State and to promote tolerance amongst those of different cultures and ethnicities.

The legislative package came on the heels of threats made against four New York Jewish Community Centers early last week, incidents of anti-Semitic and anti-Islamic graffiti on mass transit, and bomb threats as recently as yesterday in Brighton, DeWitt and Manhattan. Nationally, a wave of anti-Semitic incidents has occurred nationally, with 100 bomb threats called into JCCs and acts of cemetery desecration.

The Senate passed legislation to:

• Create a specified offense for graffiti making as a hate crime - Currently graffiti is  a class A misdemeanor, but S.4777 sponsored by Senator David Carlucci would elevate this offense by one degree to a class E felony, if graffiti is made to target a person’s race, color, national origin, ancestry, gender, religion, religious practice, age, disability or sexual orientation.

• Heighten penalties for damaging property in a house of worship or desecrating a cemetery - Criminal penalties are elevated by a degree for damaging property or stealing property in a house of worship and desecrating or raiding valuables from a cemetery, under Senator Klein’s S.1786.

• Prohibit funding to college groups that participate in boycotts of Israel and other countries that have a Regents chartered school - State aid would be prohibited from funding any academic entity or activities if engaged in a boycott of Israel or other countries.

“It is clear from the events across the country that swift action must be taken against those who try to intimidate people based on their ethnic, religious or racial background. The legislation we passed today will send a strong message that these crimes are taken seriously in New York. I will continue to ensure that law enforcement has the tools to tackle these types of offenses,” said IDC Leader  Klein.

“Threats and acts of hate directed at New Yorkers based on their religious beliefs cannot be condoned. This new legislation increases penalties for those who choose to perpetrate crimes against citizens who only wish to practice their religion in peace,” said IDC Deputy Leader David Valesky. “I’m pleased that the Senate passed these bills quickly in response to recent anti-Semitic and anti-Muslim incidents.”

“These hateful acts continue to happen in too many of our communities and it was critical that we act quickly to send a message that discrimination will not be tolerated in New York.  In the last several months hate crimes have drastically increased, creating the need for stronger punishments for those who commit crimes like race or religious based graffiti. By making specific types of graffiti a hate crime, we will fight back against discrimination and reduce an ugly trend that has developed throughout our country,” said Senator David Carlucci.

“It is unacceptable that any individual or group should face discrimination because of the God they worship. The vandalism that has been reported on sacred religious ground as of late is appalling and runs contrary to the values and ideals of our state and our country. I am proud to support this bill, and the entire Religious Freedom Package that the IDC presented, and the continued religious freedom it will bring to many New Yorkers who struggle with adversity every day,” said Senator Tony Avella.

“New York has the largest Jewish population outside of Israel and a rich diversity of numerous cultures and backgrounds from countries around the world that allow our communities to thrive. It is for these reasons that bold and swift action are necessary in order to provide our people of all creeds with the peace of mind that these hate-crimes will be promptly met with the full force of law,” said Senator Diane Savino.

"We are not going to tolerate hate-inspired crimes against any New Yorker. There is no room for violence of any kind, especially violence against a person because of his or her religious beliefs. Freedom of religion was the foundation of our nation, so it is atrocious that people are committing crimes against particular religious groups. I am glad we introduced the Religious Freedom Package to combat hate and I want to thank the Senate for passing these measures,” said Senator Jose Peralta.

“With the NYPD reporting that hate crimes overall are up 55% so far this year, and anti-Semitic hate crimes up a staggering 94%, the passage of this Religious Freedom package sends a timely message. We will not allow our friends and neighbors to be intimidated or marginalized. New York will continue to champion the values of inclusion that have served us well for generations. I am proud to stand with my Senate colleagues and reaffirm our commitment to every New Yorker practicing their faith freely,” said Senator Jesse Hamilton.

“"Religious freedom and tolerance are cornerstones of our democracy, and in these challenging times, I am heartened by the New York State Senate's fast and decisive action to tackle the recent rash of hate crimes in our state and across the nation. This legislative package, passed with overwhelming support, sends a clear message that New York will always be a place that welcomes people of all faiths,"said Senator Marisol Alcantara.

The Senate already passed legislation to increase penalties for bias-related graffiti and graffiti on religious property when the act of vandalism occurs at a house of worship, a chilling effect occurs. This legislation, S.1785, sponsored by Senator Klein adds a penalty of a class E felony and aggravated harassment for this offense. It also allows the courts to order vandals to clean up their graffiti.

Bronx Jewish Community Council - Project HOPE Passover 2017

JUST A REMINDER!! Project HOPE Passover Package Delivery  Sunday, March 26, 2017 - 9am-11:30am

Share the joy of the holidays by  bringing along  friends and family to deliver 3-5 Passover packages to lonely, home-bound or needy Jewish elderly!   Whether or not you are able to come, you can always help by sponsoring a package for only $25      For groups, questions or to deliver to a particular senior contact  Niti Minkove, Director of Volunteers at  nminkove@bjcconline.org or Cell: (917) 693-3084 Learn more about Bronx Jewish Community Council's volunteer opportunities and how to get involved at www.bjcconline.org Bronx Jewish Community Council, 2930 Wallace Avenue,  Bronx, NY 10467

BRONX BOROUGH PRESIDENT DIAZ REACTS TO SPECIALIZED HIGH SCHOOL TEST RESULTS

   The New York City Department of Education issued the results for the 2017 Specialized High School Admissions Test (SHSAT), which governs admission to the city’s eight specialized high schools. Those results show that, despite making up roughly 70 percent of the entire public school population combined, just 3.8 percent of all offers to specialized high schools went to black students and just 6.5 percent of all offers went to Latino students this year.

“Today’s announcement illustrates just how deep the chasm is between different communities in our public education system, and provides us with new evidence that the city is not doing enough to nurture and support gifted education in every neighborhood.

“Students all over this city have for too long been denied the opportunities to which they are entitled when it comes to gifted education. My office is co-hosting hearings later this month, in partnership with Brooklyn Borough President Eric Adams, to hear directly from parents and educators about the issues our communities face when it comes to access to gifted programs and the negative effects a lack of such access has on admissions to our specialized high schools,” said Bronx Borough President Ruben Diaz Jr.

The first public hearing of Borough Presidents Adams and Diaz’s task force will take place in Brooklyn on Tuesday, March 14, 2017, at Bedford Stuyvesant Restoration Plaza, 1368 Fulton Street. The Bronx will host a second hearing on Monday, March 20, 2017, at the Bronx High School of Science, 75 West 205th Street. Both hearings will run from 6:00 p.m.—8:00 p.m.

NOW HIRING: MAYOR DE BLASIO ANNOUNCES NEW FERRY SERVICE ADDING JOBS IN BROOKLYN NAVY YARD

First of 200 new jobs open to applicants at CitywideFerry.NYC, service begins this summer

  Mayor Bill de Blasio today announced hiring for the first of 200 new jobs to be created by the soon to be launched Citywide Ferry Service. All boats will now be docked, fueled and maintained out of the Brooklyn Navy Yard, where an additional passenger stop also will be added starting in 2018.

The new jobs include captains and deckhands. Jobseekers can apply through the City Department of Small Business Services’ WorkForce1 Centers, or at CitywideFerry.NYC, or through the Brooklyn Navy Yard’s Employment Center. All jobs will pay the City’s Living Wage or higher, and provide comprehensive benefits.

The new service will launch this summer with three new routes to the Rockaways, South Brooklyn and Astoria, connected to the existing East River Ferry route.

“For the price of a subway ride, Citywide Ferry service will connect millions of riders to jobs and homes all along New York City’s waterfront.  As we prepare to launch this summer, we are focused on the finishing touches, and hiring captains, deckhands, engineers and maintenance workers who will operate these boats,” Mayor Bill de Blasio said.

Construction is now underway on the Navy Yard ‘homeport.’ The 56,000 square-foot maintenance and storage facility will include berthing space for 25 boats, supplies and parts, and utilities, including a 40,000-gallon diesel fueling system. It will provide routine maintenance including exterior and interior cleaning, restocking of food and beverage items, fueling and basic repairs. The homeport pier is being elevated to comply with the newest FEMA flood standards. It will be fully outfitted by early 2018, enabling passenger service to an additional stop on the East River route between South Williamsburg and Brooklyn Bridge Park.

Mayor de Blasio’s FY2018 capital budget includes funding for an additional boat to provide for service to the Brooklyn Navy Yard, which is undergoing its largest expansion in nearly 60 years.  More than 7,000 people work at the Yard today, with that number expected to increase to 17,000 by 2020. Tenants at the Brooklyn Navy Yard are covering the majority of costs associated with constructing the new landing.

With 20 vessels operating at 21 landings across New York City, Citywide Ferry will carry an estimated 4.6 million trips per year across six routes – providing a new and easily accessible transit option for traditionally underserved communities and where jobs and housing are growing rapidly.  Several of those landings, including the Rockaways, are already being installed and the first of the new vessels being built at shipyards in Louisiana and Alabama are set to arrive in New York Harbor this month. 

The Navy Yard will provide free shuttle service for area residents to the new ferry landing from its Cumberland gate, putting the service in reach of thousands of NYCHA residents at Ingersoll, Farragut Houses, and Walt Whitman Houses.

More Details on Citywide Ferry Service

Routes:

• Rockaway, South Brooklyn and Astoria routes are scheduled to launch in 2017.
• Rockaway route will connect to the Brooklyn Army Terminal and Wall Street.
• Astoria route will connect to Astoria, Roosevelt Island (Cornell Tech), Long Island City, East 34th Street and Wall Street.
• South Brooklyn route will connect Bay Ridge, Brooklyn Army Terminal, Red Hook, Brooklyn Bridge Park’s Pier 1 and Pier 6, and Wall Street, with an optional link to Governors Island.
• Soundview and Lower East Side routes to launch in 2018.
• Routes from Coney Island and Stapleton on Staten Island are in the planning stages for future expansion.
• Combined routes will cover over 60 miles of waterway.

Commuting Times:

• Rockaway to Wall Street (1 stop): Approximately 1 hour
• Astoria to E 34th Street (2 stops): Approximately 22 minutes
• Astoria to Wall Street (3 stops): Approximately 38 minutes
• Soundview to Wall Street (2 stops): Approximately 43 minutes
• Bay Ridge to Wall Street (4 stops): Approximately 48 minutes

Pricing:

• Cost per ride will equal that of a single subway ride.
• Over 4,000 daily East River Ferry customers will see fares reduced from $4 to the cost of a single subway ride.
• Fare will allow for free transfers to any other ferry route within the system, including the East River Ferry.
• Both paper and smartphone ticketing will be available, with payments accepted via cash, credit, or debit card. Discounts will be available for seniors, children and New Yorkers with disabilities.
• Passengers will be allowed to bring bicycles on board for a $1 fee.

The Boats:

·         Each boat will be able to carry 150 passengers.

·         All boats will be equipped with WiFi.

·         Boats will be fully accessible to New Yorkers with disabilities, and will comply with the requirements of both the Americans with Disabilities Act and New York City Local Law 68 of 2005.

·         New boats will be equipped with the most modern engine design available to reduce emissions and noise, as well as an efficient hull design that will limit wakes and maximize fuel economy.

City Support:

• The city is investing $55 million in infrastructure upgrades, including building 10 new ferry landings. Barge construction is currently underway at a facility on Staten Island.
• The city is providing $30 million in operating support per year, over a period of six years. Based on a projection of 4.6 million annual trips, the per-trip subsidy for Citywide Ferry Service will be $6.60, lower than the nearly $8 per trip subsidy on the Long Island Railroad or the nearly $15 per trip subsidy for express buses. The city is providing $10 million for additional startup costs, such as vessel upgrades and ticketing machines.
• City negotiated an option to acquire ferry vessels, allowing for greater operational flexibility and providing significant savings to taxpayers over the life of the service (roughly up to $5 million per year).
• City will receive a portion of fare-box revenue if ridership exceeds 5.6 million passengers.

News From Congressman Eliot L. Engel

Engel Opening Statement During ACA Repeal Mark-Up

  Congressman Eliot L. Engel, a top member of the House Energy and Commerce Committee, offered the following opening statement during today’s mark-up of the Republican plan to repeal the Affordable Care Act. Below is the statement as prepared for three-minute delivery (Committee Republicans reduced Members' time allotment from three minutes to one minute): 

“Thank you, Mr. Chairman.

“I had the privilege of sitting on this Committee when we passed the Affordable Care Act. We had an ambitious goal: to afford the American people more affordable, higher quality health care. It was a long road. And I’m sure I’m not the only one of my colleagues to look back on our efforts and ask, ‘How did we do?’

“Well, just looking at my own district, I think the numbers speak for themselves. Just in NY-16, more than 100,000 people have gained coverage through the Marketplace or the Medicaid expansion. In fact, every single Congressional district’s uninsured rate has dropped since the ACA went into effect. That’s true for Democratic and Republican districts alike.

“I had hoped that stakes like these might give pause to Republicans. Or, at the very least, that they’d engage in a process that gave Americans a real opportunity to understand their proposals and what they mean.

“But here we are.

“Republicans had seven years to lay out their promised ‘better way.’ Yet they chose to shield their repeal bill from public view, until just 40 hours before pushing that bill forward. I said ‘I’d hoped’ Republicans wouldn’t do it this way. But really, I didn’t actually believe they’d do it this way.

“Like me, I think Republicans will look back on their work today and ask themselves, ‘How did we do?’ They gave Americans less than two days to evaluate a bill that will radically restructure the Medicaid program…shift trillions of dollars onto states, forcing them to ration care…and rip health coverage away from 30 million people.

“I think my Republican colleagues will also find that the numbers will speak for themselves.

Engel: GOP Not Waiting for CBO Score Shows Their Health Bill Won’t Work

Congressman Eliot L. Engel, a top member of the House Energy and Commerce Committee, offered the following statement during today’s mark-up of the Republican bill to repeal the Affordable Care Act (as prepared for delivery):

“Mr. Chairman, I move to strike the last word.

“Republicans’ decision to charge ahead on this bill, less than two days after its introduction, is an affront to their constituents who are wondering how the bill would affect them. But it’s also an indication that they’re quite content to break one of the White House’s central promises: the promise to, quote, ‘come up with a new plan that's going to be better health care, for more people, at a lesser cost.’

“The mere fact that this markup is taking place shows that our Republican colleagues either aren’t concerned with providing health care for more people at a lesser cost, or they know they can’t do it. Why? Because the nonpartisan Congressional Budget Office has yet to determine how much this bill would cost, or how many Americans it would cover. Without that analysis, there is absolutely no reason to believe that this bill would achieve those goals. Because if it did, Republicans would have held this markup with a readout from CBO in-hand, ready and willing to show Americans how their repeal bill works for them.  

“Now, I’ve heard suggestions that CBO’s process is too lengthy, and that we can’t possibly wait to see a CBO analysis before moving forward.

Republicans have been promising a better way for seven years.

“I have never heard of a CBO analysis taking that long.

“If my colleagues on the other side of the aisle wish to move forward without knowing what their bill costs, or how many Americans it would cover, that is their prerogative. But perhaps it’s time to be upfront about it: they aren’t waiting for a CBO score, either because they aren’t concerned with giving better health care to more people at a lesser cost, or because they know that this bill can’t do it.

Local Advocates Rally Outside Rep. Engel’s Office to Say “Thank You” for Protecting Women’s Health

A group of local Planned Parenthood advocates rallied outside the Bronx district office of Congressman Eliot Engel on Tuesday to thank the Congressman for his continued efforts to protect and preserve women’s health and reproductive rights in Congress.

“I want to thank the individuals who came to my office yesterday sporting signs of support and encouragement—I am deeply humbled by the gesture” CongressmanEngel said. “The new Administration’s radical agenda has taken direct aim at women’s health, and in these uncertain times its more important than ever that we stand together to ensure our collective voices are heard. I find it ironic that as we celebrate International Women’s Day, during Women’s History Month, we are simultaneously watching the Republicans in Congress try to repeal the Affordable Care Act, which has provided vital care to millions of women across the country. We cannot allow the GOP to undo the progress we have made over the last 8 years and I intend to fight their repeal process tooth and nail in the coming days and weeks.

“There has been a tremendous amount of enthusiasm at the grassroots level since November and it’s pretty inspiring. I don’t think I’ve seen this much political activism in decades. We need to keep this momentum going and I will continue to do all I can to fight for the issues we hold dear down in Washington.”  

Former Executive Director Of The Ramapo Local Development Corporation Pleads Guilty To Securities Fraud And Conspiracy Charges

   Preet Bharara, the United States Attorney for the Southern District of New York, announced that N. AARON TROODLER, the former Executive Director of the Ramapo Local Development Corporation (“RLDC”), pled guilty today before U.S. District Judge Cathy Seibel to conspiring with Ramapo Town Supervisor Christopher St. Lawrence to commit securities fraud as a result of a scheme to defraud investors in municipal bonds issued by the RLDC and the Town of Ramapo (the “Town”). This case is believed to be the first conviction for federal securities fraud in connection with municipal bond issuances.

U.S. Attorney Preet Bharara said: “As we said at the time of his arrest, N. Aaron Troodler defrauded both the citizens of Ramapo and thousands of investors around the country, helping to sell over $150 million of municipal bonds on fabricated financials. Today, Troodler has admitted to committing securities fraud. This guilty plea, in what we believe to be the first municipal bond-related criminal securities fraud prosecution, is a big step in policing and bringing accountability to the $3.7 trillion municipal bond market.”

According to the allegations contained in the Superseding Information to which TROODLER pled guilty today and the related Indictment of TROODLER’s co-conspirator, Town Supervisor Christopher St. Lawrence:

As of August 2015, the Town had more than $128 million in outstanding bonds that had been issued for various municipal purposes, while the RLDC, a corporation created and owned by the Town under state law, had issued $25 million in bonds to pay for the construction of Provident Bank Park (now Palisades Credit Union Park), a minor league baseball stadium in Ramapo.

The Indictment and Superseding Information charge that St. Lawrence and TROODLER lied to investors in the Town’s and RLDC’s bonds in order to conceal the deteriorating state of the Town’s finances and the inability of the RLDC to make scheduled payments of principal and interest to holders of its bonds from its own money.

While the fraud predated the construction of the stadium, the Town’s financial problems were caused largely by the $58 million total cost of the stadium. The Town paid more than half of that cost, despite the rejection of the Town’s guarantee of bonds to pay for construction of the stadium in a Town-wide referendum in 2010 and St. Lawrence’s public statements that no public money would be used to pay for the stadium.

The defendants lied to investors primarily by making up false assets in the Town’s General Fund. The General Fund is the Town’s primary operating fund. The accumulated difference over time between how much money the Town receives in taxes and fees and how much it spends in a year is the fund’s balance. The fund balance is a cushion that can be spent during difficult financial times. The size of the fund balance relative to the amount of the fund’s revenue and trends in a town’s General Fund balance over time are the primary indicators of the town’s financial health.

The Indictment alleges that St. Lawrence lied to the RLDC’s bond rating service in January 2013 when he told them in a telephone call that the 2012 fund balance would remain unchanged from the 2011 balance. Immediately after that call ended, St. Lawrence told Town employees “to do [an upcoming] refinancing of the short term debt as fast as possible because . . . we’re going to have to all be magicians to get to some of those numbers.”

The Indictment and the Superseding Information also allege that St. Lawrence and TROODLER told investors in the Town’s and RLDC’s bonds that the RLDC was making the payments on its bonds from its operating revenue, meaning money it was making from its ordinary business of running the baseball stadium and selling condominiums at a development it had built. That was important to investors because it led them to believe that the Town would not have to pay off the RLDC’s $25 million bonds. It also made the RLDC’s bonds look less risky. The RLDC actually made those payments from money TROODLER borrowed from the bank or money TROODLER obtained from the Town at St. Lawrence’s direction.

When the RLDC issued $25 million in bonds to build the stadium building itself in 2011, St. Lawrence inflated the size of the Town’s General Fund by including a false $3.6 million receivable in the General Fund. The Town’s financial condition was important to investors in the RLDC’s bonds because the Town guaranteed the payments of principal and interest on the bonds. Without that fake asset, the General Fund’s balance would have been negative in that year.

In addition, St. Lawrence inflated the General Fund with another fake receivable for $3.08 million from 2010 through 2015. It first went on the Town’s books when the RLDC agreed to buy property known as The Hamlets from the Town for $3.08 million. That sale never closed because the land turned out to be a habitat for rattlesnakes. Rather than take the receivable off the Town’s books – and reduce the size of the General Fund balance by $3.08 million, thereby creating a negative balance – St. Lawrence claimed the receivable had to do with the RLDC’s purchase of another property from the Town that had already taken place. To keep it on the books, St. Lawrence then caused the Town Attorney to tell the Town’s auditors over a period of years that the receivable would be paid back within a year, which was required if the receivable was going to stay in the General Fund. Without this fake receivable alone, the Town’s General Fund balance would have been negative for years.

In May 2013, the Federal Bureau of Investigation (“FBI”) searched Town Hall in connection with this investigation. Less than 10 days later, St. Lawrence inflated another receivable in the General Fund – this one for money from the Federal Emergency Management Agency (“FEMA”) to reimburse the Town for expenses from Hurricanes Irene and Sandy. St. Lawrence claimed that the Town was going to receive $3.145 million from FEMA when the Town hadn’t even submitted those claims to FEMA yet. Without St. Lawrence’s inflation of this receivable alone, the projected General Fund balance for 2012 would have been negative when the Town sold bonds in May 2013.

Finally, the Indictment alleges that St. Lawrence also inflated the General Fund balance by making more than $12 million in transfers from the Town’s Ambulance Fund to the General Fund from 2009 to 2014. The group of properties in Ramapo that pays into the Ambulance Fund is different from the group of properties that pays into the General Fund. Under state law, transfers between funds with different tax bases can only be loans. St. Lawrence told the auditors that the two funds had the same tax base to justify the transfers.

TROODLER, 42, of Bala Cynwyd, Pennsylvania, pled guilty to one count of securities fraud, which carries a maximum sentence of 20 years in prison, and one count of conspiracy, which carries a maximum sentence of five years in prison.

The maximum potential sentences in this case are prescribed by Congress and are provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge.

TROODLER is scheduled to be sentenced by Judge Seibel on September 18, 2017, at 3:30 p.m.

The charges against Christopher St. Lawrence contained in the Indictment are merely accusations, and he is presumed innocent unless and until proven guilty.

Mr. Bharara praised the investigative work of the FBI and the Rockland County District Attorney’s Office. He also thanked the U.S. Securities and Exchange Commission for their assistance in the investigation.