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Saturday, July 3, 2021
The New Bronx Chamber of Commerce - Bronx Business News You Can Use
183 Day and Counting
Let me just say one thing about this first Rank Choice Voting election, boy am I glad I was not running in it. Rank Choice Voting was to be different from previous elections. It was to bring out friendly races, and not those drawn out mud slinging contest we had in the past. It seemed not to work that way, from the mayor's race down to the smallest city council race, the mud was thick enough to line the streets of the city. If I had to run this year, I may not have gotten re-elected as your mayor, so it is a good thing that we have term limits here in the city.
Why the Board of Elections released statistics while votes were still coming in is something that may need to be investigated. I mean the absentee ballots that had to be cured, and were sent back to voters because they made a mistake on the ballot, are not due back until July 6th. You can't blame me for what went on in the primary, or should I say New York City election. Curtis Swila, you have no chance in hell of winning, so have some fun while you campaign.
Friday, July 2, 2021
DOB ADVISES NEW YORKERS TO STAY SAFE DURING FOURTH OF JULY FIREWORKS DISPLAY
The Department of Buildings is reminding all property owners and tenants of safety regulations for the use of rooftops, terraces, balconies, and fire escapes in New York City. These regulations apply all year long, but are particularly relevant this holiday weekend, as New Yorkers look for vantage points to view the Macy’s Fourth of July fireworks display, which is scheduled for this Sunday evening. Unauthorized use of building roofs and fire escapes have tragically led to several fatal falls in New York City in recent years.
“This year’s fireworks celebration will have special resonance for New Yorkers as we continue to make our way out of the pandemic, and life returns to normal in our city. We want everyone to have a safe and happy Fourth of July – but to do that, New Yorkers need to make sure they select an appropriate place to view the fireworks,” said Buildings Commissioner Melanie E. La Rocca. “We encourage building owners to communicate to their tenants that areas like unsecured rooftops and fire escapes are not safe places to gather.”
Property owners and tenants should observe the following safety rules:
· Do not access building rooftops to watch the fireworks, unless the rooftop has an approved deck or other approved space for gatherings, equipped with code-compliant guardrails, multiple emergency exits, signage indicating the maximum legal occupancy, and other required safety features.
· Do not gather to watch the fireworks on fire escapes, which are not designed nor meant to be used as a balcony. For the safety of everyone in the building, fire escapes must be kept free of obstructions at all times.
· Do not overcrowd terraces, balconies, or legal rooftop spaces. Overcrowding these spaces can pose a serious hazard.
· Do not prop open emergency doors or disable door alarms leading to rooftop areas of a building that are not meant to be legally occupied. Unsecured rooftop spaces can pose a serious danger to building occupants, especially children.
· Do not lean out of a window, over an edge, a parapet wall or over a railing for a better view of the fireworks display.
· Avoid approaching any building edge that is not protected by a wall or railing.
Property owners are legally obligated to maintain their properties in a safe condition. New Yorkers are encouraged to call 311 to report unsafe building conditions to the Department, and call 911 to report emergencies.
Trader At Large Canadian Asset Management Firm Charged With Insider Trading For Engaging In Multimillion-Dollar Front Running Scheme
Sean Wygovsky Stole Confidential Trade Information from His Employer to Place Hundreds of Timely, Profitable Trades in Years-Long Scheme
Audrey Strauss, the United States Attorney for the Southern District of New York, and William F. Sweeney Jr., the Assistant Director-in-Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), announced today that SEAN WYGOVSKY, a trader at a large Canadian asset management firm (the “Employer Firm”), was charged in a Complaint in Manhattan federal court with securities fraud and wire fraud in connection with his scheme to steal confidential information about the trade orders of the Employer Firm in order to conduct hundreds of timely, profitable personal securities trades in the same stocks as the Employer Firm. WYGOVSKY attempted to hide his conduct by trading or causing trading in brokerage accounts held in the names of his close relatives. WYGOVSKY was arrested this morning in Austin, Texas, and is expected to be presented in federal court this afternoon before a U.S. Magistrate Judge for the Western District of Texas.
Manhattan U.S. Attorney Audrey Strauss said: “As alleged, Sean Wygovsky illegally exploited his access to his employer firm’s yet-to-be-executed trade orders to make numerous trades in anticipation of the bump or dip the firm’s buying or selling would cause. To conceal the scheme, Wygovsky allegedly made his front running trades through brokerage accounts of certain of his relatives. As alleged, Wygovsky made or directed over 700 timely transactions that netted him more than $3.6 million in illegal profits. Now Sean Wygovsky is in custody and facing serious criminal charges.”
FBI Assistant Director William F. Sweeney Jr. said: “Over the course of several years, as alleged, Wygovsky made hundreds of short-term trades based on inside information that ultimately reaped more than $3 million in profits. Schemes like the one alleged here grossly affect the integrity of our financial markets and remain a top priority for our financial fraud investigative teams.”
As alleged in the Complaint unsealed today in Manhattan federal court:[1]
SEAN WYGOVSKY has been employed at the Employer Firm since approximately 2013. The Employer Firm is an asset management firm based in Toronto, Canada, with at least approximately $19 billion in assets under management. WYGOVSKY has a number of close relatives who live in the United States, including a relative in North Carolina (“Relative-1”) and two relatives in Virginia (“Relative-2” and Relative-3”) who are married to each other.
The Front Running Scheme
Based on his position as a trader at the Employer Firm, WYGOVSKY had access to the trade information and trade orders of the Employer Firm. Like most large asset managers, the Employer Firm had rules and regulations concerning employees’ personal trading, including requirements about the confidentiality of client information and prohibitions against insider trading and personal trading in the same securities as the Employer Firm. The size of the Employer Firm’s trade orders often caused slight, temporary movements in the price of the securities traded. For example, if the Employer Firm engaged in a large purchase of stock, the increased demand could cause a slight rise in the stock price, and if the Employer Firm engaged in a large sale of stock, the increased supply could cause a slight drop in the stock price. Because WYGOVSKY had access to the Employer Firm’s trade orders, he knew in advance when a particular stock price would move slightly up or down based on that trading.
WYGOVSKY’s relatives maintained brokerage accounts for the personal purchase and sale of securities. In particular, Relative-1 maintained at least one brokerage account and Relative-2 and Relative-3 maintained at least four brokerage accounts (the “Subject Accounts”). From at least 2015 through April 2021, after obtaining information about the Employer Firm’s upcoming trading activity but before those trades were executed, WYGOVSKY caused the Subject Accounts to buy or sell the same securities the Employer Firm would be buying or selling, in order to profit through the subsequent movement of the stock that would often result from the Employer Firm’s trading. WYGOVSKY would then cause the Subject Accounts to exit those positions once the Employer Firm’s trading was underway, often within hours of when the Subject Accounts had first entered the positions. For example, if WYGOVSKY knew that the Employer Firm would be buying a particular stock, WYGOVSKY would cause one or more of the Subject Accounts to purchase that stock beforehand in relatively small amounts. Then, as the Employer Firm made relatively large purchases, the stock price would increase and WYGOVSKY would cause the Subject Accounts to sell their holdings at a profit.
At times, WYGOVSKY personally conducted the trading on behalf of both the Employer Firm and the Subject Accounts. For example, on occasion, IP log-ins from the Subject Accounts show the Subject Accounts were being accessed from locations where WYGOVSKY was travelling. On other occasions, WYGOVSKY would cause others to execute the timely, profitable trading in the Subject Accounts. Over an approximately five-year period, WYGOVSKY caused the Subject Accounts to engage in more than 700 such short-term timely, profitable trades, resulting in at least over $3.6 million of profits in the Subject Accounts.
Financial Transfers Back to Wygovsky
During the course of the front running scheme, Relative-2 and Relative-3 caused at least approximately hundreds of thousands of dollars to be sent back to WYGOVSKY from the Subject Accounts. For example, between 2015 and 2020, Relative-2 and Relative-3 moved millions of dollars from the Subject Accounts to bank accounts that they controlled, and wrote checks to WYGOVSKY and his immediate family members for hundreds of thousands of dollars. Furthermore, in or about late 2017 and early 2018, Relative-2 and Relative-3 transferred hundreds of thousands of dollars to a Slovenian bank for the benefit of certain relatives of WYGOVSKY’s wife.
WYGOVSKY, 40, of Ontario, Canada, is charged with one count of securities fraud, which carries a maximum sentence of 20 years in prison, and one count of wire fraud, which carries a maximum sentence of 20 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.
Ms. Strauss praised the work of the FBI. Ms. Strauss further thanked the U.S. Securities and Exchange Commission, which today filed a parallel civil action, for their cooperation and assistance in this investigation.
The allegations contained in the Complaint are merely accusations, and the defendant is presumed innocent unless and until proven guilty.
[1] As the introductory phrase signifies, the entirety of the text of the Complaint, and the description of the Complaint set forth herein, constitute only allegations, and every fact described should be treated as an allegation.
Governor Cuomo Updates New Yorkers on State's Progress During COVID-19 Pandemic
Statewide 7-Day Average Positivity is 0.48%
46,738 Vaccine Doses Administered Over Last 24 Hours
4 COVID-19 Deaths Statewide Yesterday
Governor Andrew M. Cuomo today updated New Yorkers on the state's progress combatting COVID-19.
"As far as we've come with the COVID beast, it is important to remember our fight is not over. The best weapon we have is the vaccine - it is safe, effective and free," Governor Cuomo said. "If you haven't already, I encourage you to get your vaccine as soon as possible to protect yourself and your loved ones."
Today's data is summarized briefly below:
- Test Results Reported - 76,902
- Total Positive - 506
- Percent Positive - 0.66%
- 7-Day Average Percent Positive - 0.48%
- Patient Hospitalization - 349 (-11)
- Patients Newly Admitted - 52
- Patients in ICU - 83 (-3)
- Patients in ICU with Intubation - 42 (-3)
- Total Discharges - 184,966 (+70)
- Deaths - 4
- Total Deaths - 42,978
- Total vaccine doses administered - 21,244,371
- Total vaccine doses administered over past 24 hours - 46,738
- Total vaccine doses administered over past 7 days - 416,664
- Percent of New Yorkers ages 18 and older with at least one vaccine dose - 69.6%
- Percent of New Yorkers ages 18 and older with completed vaccine series - 64.1%
- Percent of New Yorkers ages 18 and older with at least one vaccine dose (CDC) - 72.3%
- Percent of New Yorkers ages 18 and older with completed vaccine series (CDC) - 65.5%
- Percent of all New Yorkers with at least one vaccine dose - 57.9%
- Percent of all New Yorkers with completed vaccine series - 53.0%
- Percent of all New Yorkers with at least one vaccine dose (CDC) - 60.1%
- Percent of all New Yorkers with completed vaccine series (CDC) - 54.2%
MAYOR DE BLASIO ANNOUNCES HONOREES FOR HOMETOWN HEROES PARADE
Nurse Sandra Lindsay to serve as parade Grand Marshal
Good Morning America co-anchor Robin Roberts to host ceremony
Mayor de Blasio today announced honorees for New York City’s “Hometown Heroes” parade and ceremony, which will depart from Manhattan’s Battery Park at 11:00 AM on Wednesday, July 7th. The parade, which will honor all the essential workers who brought New York City through the worst of the COVID-19 pandemic, will feature 14 different floats, making it one of the largest ticker tape parades in the city’s history. Queens nurse Sandra Lindsay, the first person in the United States to receive the COVID-19 vaccine, will serve as the parade’s Grand Marshal.
“Good Morning America” co-anchor Robin Roberts will host a ceremony in City Hall Park at the parade’s conclusion to publicly thank these workers and celebrate the Summer of NYC. The ceremony will feature a performance from the Northwell Health Nurse Choir, recently featured on “America’s Got Talent.”
More special guests will be announced in the coming days.
“The Summer of New York City is underway, and the beating heart of our recovery is the gratitude and respect we all share for the essential workers who brought this city out of a crisis,” said Mayor Bill de Blasio. “This celebration will honor all those who fought through adversity and unprecedented challenges to keep New Yorkers safe. I can’t wait to celebrate alongside them.”
“It is truly an honor and privilege to serve as the grand marshal in the Hometown Heroes ticker tape parade and represent all health care and essential workers whose heroic efforts saved lives during the COVID-19 pandemic,” said Sandra Lindsay, Director, Nursing Critical Care at Northwell Health and the first person in the United States to receive the COVID-19 vaccine.
“It being the 125th anniversary of New York City’s ticker tape celebrations, this is arguably the most important of them all. From being the epicenter of the global pandemic, to being the forefront of recovery, on behalf of all City agencies, it is our privilege to honor all of our hometown heroes, and truly show the world there is no stopping New York,” said Dan Gross, Executive Director of Citywide Events.
“We can’t think of anyone better to help us celebrate our frontline heroes during the Ceremony at City Hall Plaza than Robin Roberts,” said Melissa A. Browne, Executive Director of The Mayor’s Office of Special Projects and Community Events. “Robin Roberts kept New Yorkers informed and uplifted throughout the pandemic. The ceremony will highlight the way these heroes sustained New York City during some of our darkest times.”
“New Yorkers from every corner of our city answered the call when we needed them most and showed the world what it means to be a Hometown Hero,” said Daniele Baierlein and Jorge Luis Paniagua Valle, Co-Executive Directors of the Mayor’s Fund to Advance New York City. “They healed us when we were sick, fed us when we were hungry, and ensured that our city’s essential services kept pace even during the toughest days of the COVID-19 pandemic. We are grateful for their selfless dedication and are proud to thank them alongside every New Yorker at the Hometown Heroes parade. There's no stopping New York!”
Fourteen floats, representing 260 different groups of essential workers, will join the parade down the Canyon of Heroes. These categories include:
- Hospitals
- Healthcare
- Emergency food
- Community care
- First responders
- Transportation
- City workers
- Small businesses and bodegas
- Education and childcare
- Utilities
- Hospitality/buildings care
- Reinforcements
- Advocacy organizations
- Communication and delivery
Mayor de Blasio also announced Mastercard as the parade’s Title Supporter. Other supporters include:
- AMN Healthcare
- AT&T
- Con Edison
- Greater New York Hospital Association
- Montefiore Medical Center
- Mount Sinai Health System
- National Grid
- New York Presbyterian
- Northwell
- New York Life
- Pfizer
- Preferred Meals
- Walgreens Duane Reade
“Healthcare workers, essential community business owners and everyday heroes were at the forefront of the crisis and helped us navigate new ways of interacting,” said Linda Kirkpatrick, President, North America for Mastercard. “We are proud to honor and celebrate our New York City hometown heroes whose hard work and dedication kept us safe and allowed our community to reunite.”
“It’s a true joy to be a part of this celebration. We honor all of the essential workers and healthcare heroes of New York City. We also give our deepest gratitude to all the nurses, physicians, allied professionals, and others who stepped forward and traveled from other locations to New York during the darkest days of COVID-19, providing support to treat the sickest, most critical patients. Many of these healthcare professionals were on the front lines of COVID-19 when cases and fatalities were spiking, safety procedures were still evolving, and the nature of the virus was not fully known. We are so grateful for the care and compassion of all those who answered the call to serve during the pandemic,” said Susan Salka, President and CEO, AMN Healthcare.