Business Partner Of Art Dealer Inigo Philbrick Pleads Guilty To Defrauding Art Buyers And Financers

 

 Damian Williams, the United States Attorney for the Southern District of New York, announced that ROBERT NEWLAND, the business partner of art dealer INIGO PHILBRICK, who specialized in post-war and contemporary fine art with galleries in London, United Kingdom, and Miami, Florida, pled guilty before United States District Judge Sidney H. Stein to one count of conspiracy to commit wire fraud for perpetrating a multi-year scheme to defraud various individuals and entities in order to finance PHILBRICK’s art business.  NEWLAND, a citizen of the United Kingdom, was arrested in the United Kingdom on February 23, 2022, and extradited from the United Kingdom to the United States on September 22, 2022.  PHILBRICK has been sentenced to seven years in prison for the multi-year, $86 million fraud scheme.     

U.S. Attorney Damian Williams said:  “Robert Newland conspired with Inigo Philbrick to take advantage of the lack of transparency in the art market to defraud art collectors, investors, and lenders in order to finance Philbrick’s art business.  Newland has now admitted his guilt and awaits sentencing for his role in perpetrating this extensive fraud.” 

According to the allegations in the Complaint, Indictment, and statements made in court:

From approximately 2016 through 2019, to finance his art business, PHILBRICK engaged in a scheme to defraud multiple individuals and entities in the art market located in the New York metropolitan area and abroad (the “Fraud Scheme”).  NEWLAND was PHILBRICK’s business partner and financial adviser and conspired with PHILBRICK to perpetrate the Fraud Scheme.  NEWLAND and PHILBRICK made material misrepresentations and omissions to art collectors, investors, and lenders to access valuable art and obtain sales proceeds, funding, and loans.  NEWLAND and PHILBRICK knowingly misrepresented the ownership of certain artworks, for example, by selling a total of more than 100%ownership in an artwork to multiple individuals and entities without their knowledge and by selling artworks and/or using artworks as collateral on loans without the knowledge of co-owners and without disclosing the ownership interests of third parties to buyers and lenders.

Over the years, PHILBRICK obtained over $86 million in loans and sale proceeds in connection with the Fraud Scheme.  Artworks about which NEWLAND and PHILBRICK made these fraudulent misrepresentations in furtherance of the Fraud Scheme include, among others, a 1982 painting by the artist Jean-Michel Basquiat titled “Humidity,” a 2010 untitled painting by the artist Christopher Wool, and an untitled 2012 painting by the artist Rudolf Stingel depicting the artist Pablo Picasso.  

In the fall of 2019, NEWLAND and PHILBRICK’s Fraud Scheme collapsed as various investors and lenders learned about the material misrepresentations and omissions PHILBRICK and NEWLAND had made.

NEWLAND, 45, a U.K. citizen residing in the United Kingdom, pled guilty to one count of conspiracy to commit wire fraud, which carries a maximum prison term of 20 years. 

The statutory maximum sentence is prescribed by Congress and is provided here for informational purposes only, as any sentencing of the defendant will be determined by a judge. 

PHILBRICK, 35, a U.S. citizen formerly residing in the United Kingdom, pled guilty to one count of wire fraud on November 18, 2021.  On May 23, 2022, United States District Judge Sidney L. Stein sentenced PHILBRICK to 84 months in prison and two years of supervised release.  PHILBRICK was further ordered to pay a forfeiture of $86,672,790 and restitution of $82,592,367.

Mr. Williams praised the investigative work of the Federal Bureau of Investigation’s Art Crime Team.  He also thanked the U.S. Department of Justice’s Office of International Affairs and the U.S. Marshals Service for their support and assistance in the defendant’s extradition.

Governor Hochul Announces Banking Guidance to Ease Financial Burdens for Those Impacted by Hurricane Fiona

 

Banks are Urged to Take Steps to Support People and Businesses Affected by Hurricane Fiona, Including Waiving ATM Fees, Expediting Money Transmission, and Waiving Late Fees

 Governor Kathy Hochul today announced new actions to engage New York's financial services industry to support residents of Puerto Rico in the aftermath of Hurricane Fiona. The Department of Financial Services issued guidance calling on New York state-chartered banks to take all reasonable steps to assist consumers and businesses affected by the hurricane including waiving ATM and late fees, increasing ATM withdrawal limits, and facilitating and expediting the transmission of funds. These actions will help ease financial burdens for the many New Yorkers seeking to support family and friends in Puerto Rico, as well as anyone in Puerto Rico with New York bank accounts.    

"As they rebuild from the devastation wrought by Hurricane Fiona, Puerto Rico is in critical need of a wide range of resources and assistance that New York is ready to provide," Governor Hochul said. "We will do everything in our power to help our sisters and brothers on the island of Puerto Rico during this time of crisis, and the actions announced today offer additional financial aid and support from New York to help them on their road to recovery."  

New York State Department of Financial Services Superintendent Adrienne A. Harris said, "The action taken today will ensure that banks that do business on the island take reasonable steps to deliver crucial support to the people and businesses of Puerto Rico as they begin efforts to recover from this devastating natural disaster."     

In guidance to banks issued today, Financial Services Superintendent Harris requested that all reasonable and prudent efforts be undertaken to assist customers affected by the hurricanes, and encouraged efforts, including the following:  

• Waiving ATM fees;   
• Waiving overdraft fees;   
• Easing restrictions on cashing out-of- state and non-customer checks;   
• Easing credit terms for new loans;   
• Increasing credit card limits for creditworthy customers;   
• Waiving late fees for credit card and other loan balances;   
• Offering payment accommodations, such as allowing loan customers to defer or skip some payments or extending the payment due dates, which would avoid delinquencies and negative credit agency reporting caused by disaster-related disruptions; and   
• Working collaboratively with money transmitters and other money services businesses to facilitate and expedite transmission of funds and availability of cash to those affected by Hurricane Fiona.    

A copy of the guidance to banks can be found here.  

Since Hurricane Maria, New York has helped Puerto Rico secure billions of dollars in federal funding from FEMA to recover and rebuild the island's energy infrastructure, in addition to NYPA performing technical assessments of powerplants and substations on the island. In the wake of Hurricane Fiona, the worst storm to hit the island since Hurricane Maria, Governor Hochul announced New York State actions to assist Puerto Rico in relief efforts. These efforts have further strengthened New York's long-standing commitment to help Puerto Rico in its reconstruction and recovery. 

Riverdale Restaurant Week Coming Up October 1st - 8th

 

Riverdale, get ready!

Riverdale Restaurant Week is coming

October 1st - October 8th 

Enjoy great deals at many of our amazing local eateries.

Throughout the week there will be musical entertainment and special surprises. There's even a Restaurant Week Bingo!

The week ends with 3 amazing bar crawls: North Riverdale, South Riverdale, and Kingsbridge on Saturday, October 8th.

 Visit DineOutRiverdale.com to get all the details and menus.

Follow us @dineoutriverdale

BCC - Coffee & Conversation: The Help Your Business Needs

 

The series brings together decision makers, influencers, and thought leaders shaping the economic future of the Bronx and highlights priorities identified by Bronx Chamber members.

Register - Click Here

The first cohort of guests include: Hon. Julie Menin, Chair of the New York City Council Committee on Small Business, 9/27/2022 at 3:00pm, click here to register Marlene Cintron, Regional Administration - Atlantic Region II, United States Small Business Administration, 10/5/2022 at 10:00am, click here to register Elizabeth Lusskin, Executive Vice President - Small Business and Technology Development, Empire State Development, 10/13/2022 at 10:00am, click here to register For the complete Bronx Chamber Events Calendar, featuring educational workshops, networking events and other opportunities hosted by the Chamber, its members, & partners, please visit and bookmark our website events calendar link in your browser - new events are added weekly!

Governor Hochul Announces Milestone of More Than 100 Evolve NY Electric Vehicle Fast Chargers Installed

 Latest Chargers Expand EV Infrastructure on Long Island, Home to Nearly 30 Percent of New York State's EV Owners

View Video Celebrating New York's Clean Transportation Milestone Here and Long Island Site Photos Here

View a Map of EVolve NY Charging Stations Here

 To round out Climate Week, Governor Kathy Hochul today announced more than 100 high-speed chargers have been installed across the state as part of the New York Power Authority's EVolve NY fast charging network for electric vehicles. The latest direct current fast chargers installed in downtown Riverhead and Commack in Suffolk County mark the EVolve NY network's first fast charging hubs on Long Island, where nearly 30 percent of New York State's electric vehicle owners live. An additional fast charging station in Bridgehampton will be completed in October.  

"With over 100 Evolve NY high-speed chargers across the state, New York has cemented itself as a leader in advancing clean transportation and curbing emissions from the transportation sector - the largest source of greenhouse gas emissions in the nation," Governor Hochul said. "The latest three chargers coming to Long Island, which has more EV drivers than anywhere else in the state, mark our progress in building the necessary infrastructure to support our transition to electric vehicles in the battle against climate change." 

New York Power Authority's (NYPA) EVolve NY high-speed, open-access charging network has installed fast chargers in key locations along primary travel corridors and in urban areas to make it easier for more New Yorkers to drive EVs. Any battery-powered EV can charge up at an EVolve NY site in as little as 20 minutes. EVs offer a cleaner mode of transportation that helps offset the emissions from gas-fueled vehicles and helps advance New York's nation-leading Climate Leadership and Community Protection Act (Climate Act) goal of reducing carbon emissions 85 percent by 2050. 

Three New Long Island Sites Expand Fast Charging Network 

According to EvaluateNY, Long Island accounts for almost 30 percent of New York's EV ownership with 32,090 vehicles on the road, a higher percentage than any other region of the state. More than 26 percent of the current public and private 1,020 DCFC fast charger ports in the state are sited on Long Island. EVolve NY's expansion onto Long Island will provide even greater access to EV charging for Long Island residents. 

EVolve NY chargers are now operational at a shopping center at 656 Commack Road in Commack and a municipal-owned parking lot at 209 East Ave. in Riverhead. Chargers at a Bridgehampton municipal lot at 99 School Street are expected to open in late October. A total of 140 EVolve NY fast chargers are expected to be available across the state by the end of the year. 

The four direct current fast chargers (DCFC) located in both Riverhead and Commack can charge any make or model of EV to 80 percent in as little as 20 minutes. The charging stations are equipped with fast-charging connectors that enable all electric vehicles, including Tesla cars with an adapter, to plug in. The Riverhead and Commack fast charger blocks are powered by PSEG Long Island, on behalf of the Long Island Power Authority. Riverhead also has four public Level 2 chargers, which can be used for charging during a longer stop. The Commack chargers are the first fast or Level 2 chargers in the hamlet. 

The installation of the Riverhead chargers—located downtown at 209 East Avenue—is a site identified through the Department of State's Downtown Revitalization Initiative (DRI). The program builds on public and private investments to create vibrant downtown business districts. Riverhead is one of six cities deploying EVolve NY chargers in concert with the DRI program to make EV driving a more accessible option for more local residents and all New Yorkers while also supporting economic development in downtowns across the state. The multi-agency program, dubbed DRIve EV Downtown, includes other DRI locations that have installed EV fast charging, including in Amsterdam (Montgomery County), Geneva (Ontario County), Middletown (Orange County in the Hudson Valley), Utica (Oneida County), and Oswego (Oswego County). 

Council Member Marjorie Velázquez - Participatory Budgeting in Council District 13

 

Dear Neighbor,

This year, I am hosting Participatory Budgeting (PB) assemblies to bring the community together and begin idea collection. I invite you all to attend and share with your neighbors, to ensure this year we have as many community members involved as possible. Below are the first two assembly dates and information on the PB process, including this year’s anticipated timeline. If you are interested in attending, please register by clicking the link below.

If you have any questions or have difficulty registering or submitting an idea to the website, please call my office Monday to Friday between 9 AM and 5 PM at 718-931-1721 or at District13@council.nyc.gov.

Assembly Dates

Wednesday, September 28th at Bronx House (990 Pelham Parkway S, Bronx, NY 10461) from 7 PM to 9 PM

Friday, October 7th at Kips Bay Boys and Girls Club (550 Balcom Avenue, Bronx, NY 10473) from 7 PM to 9 PM

Register Here

What is Participatory Budgeting?

Participatory Budgeting (PB) is a democratic process where community members directly decide how to spend a part of their Council Member’s $1M discretionary funding. Community members propose ideas that meet local needs in their districts, such as improvements to schools, parks, libraries, public housing, and other public spaces. Through a public vote, residents determine which proposals to fund.

How long is Participatory Budgeting process?

Participatory Budgeting (PB) is held each year, with idea collection and volunteer recruitment beginning in September and October of each year. The PB Timeline will run from September to June of each year; exact dates may vary year to year.

Participatory Budgeting Timeline

September 2022 to October 2022 - Idea Collection and Volunteer Recruitment

Through community meetings, residents brainstorm ideas and recruit Budget Delegates for the current cycle.

October 2022 to January 2023 - Proposal Development

Budget Delegates transform ideas into full proposals, with support from city agencies and staff. Delegates narrow down proposals and select projects that meet the needs of the community.

March 2023 to April 2023 - GOTV and Vote Week

Once proposals have been determined, Budget Delegates and residents get out the vote and prepare for a nine-day community vote.

May 2023 to June 2023 - Evaluation and Planning

Winning projects are included in the New York City’s upcoming fiscal year budget. Staff and stakeholders evaluate the process and oversee the implementation of winning projects by agencies.

How to Submit Ideas Online

The Participatory Budgeting Idea Map is now live and ready to accept your ideas. When submitting an idea, please be sure to select ‘District 13’ so your idea is considered for our community. To submit an idea, click the link below.

Submit Ideas Here

BRONX WOMAN PLEADS GUILTY TO STEALING MORE THAN $27,000 FROM NINE PEOPLE IN AFFORDABLE HOUSING RENT SCAM

 

Defendant Must Pay Victims Back or Face Jail Time; Defendant Threatened Some Victims with Deportation

 Bronx District Attorney Darcel D. Clark today announced that a Bronx woman has pleaded guilty to Grand Larceny for stealing $27,600 in deposits for rent-stabilized apartments she did not deliver. A judge ordered the defendant to pay the money back or she will be sentenced to 1-3 years in prison.

 District Attorney Clark said, “The defendant took deposits from people desperately looking for an affordable apartment and never delivered a key and finalized lease. Not only did she steal more than $27,000 from nine people, but she also threatened several of the victims that she would call immigration authorities to have them deported. She pleaded guilty and has been ordered to pay restitution or face jail time. We will not tolerate these deplorable rent scams that hurt Bronx residents.”

 District Attorney Clark said the defendant, Stephanie Antonio, 27, of East 182nd Street, pleaded guilty September 22, 2022 before Bronx Supreme Court Justice Martin Marcus to third degree Grand Larceny with a promised sentence of 1-3 years in prison. Judge Marcus ordered the defendant to pay $28,980 ($27,600 plus a five percent restitution surcharge) in restitution in monthly payments to the victims. If the defendant pays the restitution in full, she will replead to Petit Larceny and will be given probation, instead of serving time in prison.

 According to the investigation, between May 17, 2019 and September 30, 2019, Antonio told victims she was an employee of a property management company and that she was a licensed realtor. Although she was briefly employed by the property management company, it was only to take photos for its Instagram page, and Antonio used that position to gain access to keys for apartments. The victims gave her $2,200-$4,000 deposits for apartments she could not deliver.

 According to the investigation, Antonio intimidated multiple victims by threatening to call U.S. Immigration and Customs Enforcement (ICE) and have them deported if they were to go to police. In one instance, she filed an assault case against one victim that was later dropped when the victim showed proof that she was working at the time.

 District Attorney Clark thanked the NYPD Bronx Grand Larceny Squad, specifically Detective Kenneth Hines.

Idaho I.T. Professional Pleads Guilty To Misappropriating Pre-Publication Investment Recommendations For Insider Trading Scheme

 

David Stone Electronically Accessed an Investment Advice Service’s Unannounced Stock Picks and Used That Information to Generate Millions in Trading Profits and to Provide Inside Tips to Another

 Damian Williams, the United States Attorney for the Southern District of New York, and Michael J. Driscoll, Assistant Director-in-Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), announced today that DAVID STONE pled guilty to one count of securities fraud in connection with an insider trading scheme.  STONE was arrested in May of this year and pled guilty this morning before U.S. District Judge Mary Kay Vyskocil.

U.S. Attorney Damian Williams said: “David Stone admitted in court today that he unlawfully accessed pre-publication stock picks from an investment advice service so that he could beat the markets and generate millions in trading profits for himself.  Today’s plea reflects this Office’s commitment to ensuring the integrity and fairness of our markets.  David Stone now awaits sentencing for his crime and must also forfeit his illicit profits and make restitution.”

According to the allegations in the Information and statements made in public court proceedings:

From 2020 up to at least March 2022, DAVID STONE exploited market-moving stock recommendations made by an investment recommendation service (“Advisor-1”) before those recommendations were released to paying subscribers.  STONE, an I.T. professional, accessed Advisor-1’s computing system using log-in credentials he obtained without authorization and used his improperly obtained access to view information relating to Advisor-1’s recommendations before they were announced to Advisor-1’s paying subscribers.

Advisor-1’s stock recommendations typically, but not always, lead to higher closing prices for the recommended stock as compared to the prior day’s closing price.  By trading on those recommendations before they were announced, STONE was able to obtain significant profits unavailable to other market participants.  In fact, across all the brokerage accounts he traded in, STONE realized gains of at least $3.5 million.

In addition to his own trading, STONE supplied trading tips to at least one other person (“Tipee-1”).  Between in or about January 2021 up to and including in or about March 2022, on approximately 45 different days, STONE sent emails to Tipee-1 providing stock names and/or ticker symbols ahead of Advisor-1 announcements of stock recommendations to its paying subscribers.  A brokerage account associated with Tipee-1 traded ahead of Advisor-1 recommendations on more than a dozen occasions.  As a result of that trading, Tipee-1 profited more than approximately $2.7 million.

Before providing tips to Tipee-1, STONE summarized the terms by which STONE would provide information to Tipee-1, including steps they would take to hide their scheme. Among other things, STONE acknowledged that “what we are doing could be considered insider trading,” and accordingly, he recommended that Tipee-1 “[d]o other trades besides just what I tell you,” explaining, “[i]f all your trades are up 5x and you never make a loosing [sic] trade it may call attention of regulators.”

DAVID STONE, 37, of Nampa, Idaho, pled guilty to one count of securities fraud, which carries a maximum sentence of 20 years in prison.

The maximum potential sentence in this case is prescribed by Congress and is provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge.  STONE is scheduled to be sentenced by Judge Vyskocil on February 14, 2023 at 2:00pm.

Mr. Williams praised the outstanding work of the FBI.  Mr. Williams thanked the U.S. Securities and Exchange Commission, which has filed a parallel civil action.