Governor Hochul Announces Partnership Between U.S. Department of Energy and New York State Energy Research and Development Authority to Accelerate Clean Energy Financing

Memorandum of Understanding Will Allow New York State to Leverage the DOE Loan Programs Office Financing for Large-Scale Renewable Energy Projects

Supports New York's Goal to Obtain 70 Percent of State's Electricity from Renewable Sources By 2030

Governor Kathy Hochul today announced a Memorandum of Understanding between the U.S. Department of Energy and the New York State Energy Research and Development Authority to facilitate clean energy financing for large-scale renewable projects. The MOU will allow New York State to leverage the DOE Loan Programs Office and strengthen the cooperation between Federal and State energy departments, supporting New York's goal to obtain 70 percent of the state's electricity from renewable sources by 2030.

"To ensure New York achieves a zero-emissions grid, the financing process for clean energy projects must be streamlined,” Governor Hochul said. “This new partnership between New York State and the U.S. Department of Energy illustrates a shared belief among New York and Federal leaders that time is of the essence. We must pave a clear path forward for clean energy.”

Within the bounds of this new partnership, NYSERDA and DOE have defined a process to facilitate the review of applications from utility scale solar, onshore, and offshore wind clean energy projects applying for financing through the LPO. This would include projects already under contract with NYSERDA, as well as those that will contract with NYSERDA in the future.

Under the Title 17 Loan Guarantee Program, LPO may, subject to obtaining required credit approvals, provide financing to eligible projects for up to 80 percent of eligible project costs, with a tenor dependent on project needs and expected asset life, and in any event, not exceeding 30 years.

This partnership will enable clean energy projects in New York to access alternative financing options considering the current inflationary and high interest rate environment. Any cost savings that could benefit projects from accessing LPO loans could be shared with New York State ratepayers and potentially enable billions of dollars in savings. 

New York State Energy and Research Development Authority President and CEO Doreen M. Harris said, “This partnership highlights the power of federal and state collaboration as we work toward achieving key climate goals. Together, DOE and NYSERDA are charting a viable pathway for federal programs to help reduce overall costs for New York’s ratepayers in deploying these clean energy projects.”

 About the Loan Programs Office Title 17 Clean Energy Financing Program

Under the Title 17 Clean Energy Financing Program, LPO can finance projects in the United States that support clean energy deployment and energy infrastructure reinvestment to reduce greenhouse gas emissions and air pollution. Title 17 was created by the Energy Policy Act of 2005 and has since been amended, most recently by the Infrastructure Investment and Jobs Act in 2021 and the Inflation Reduction Act in 2022. The legislation expanded the scope of Title 17 to include certain state-supported projects and projects that reinvest in legacy energy infrastructure, and it leverages additional loan authority and funding available for projects involving innovative energy technologies.

There are four project categories within the Title 17 Clean Energy Financing Program:

• Innovative Energy: Financing for projects that deploy New or Significantly Improved Technology that is technically proven but not yet widely commercialized in the United States.
• Innovative Supply Chain: Financing for projects that employ a New or Significantly Improved Technology in the manufacturing process for a qualifying clean energy technology or for projects that manufacture a New or Significantly Improved Technology.
• State Energy Financing Institution (SEFI)-Supported: Financing for projects that support deployment of qualifying clean energy technology and receive meaningful financial support or credit enhancements from an entity within a state agency or financing authority.
• Energy Infrastructure Reinvestment (EIR): Financing for projects that retool, repower, repurpose, or replace energy infrastructure that has ceased operations or upgrade operating energy infrastructure to avoid, reduce, utilize, or sequester air pollutants or greenhouse gas emissions.

New York State's Nation-Leading Climate Plan

New York State's nation-leading climate agenda calls for an orderly and just transition that creates family-sustaining jobs, continues to foster a green economy across all sectors and ensures that at least 35 percent, with a goal of 40 percent, of the benefits of clean energy investments are directed to disadvantaged communities. Guided by some of the nation’s most aggressive climate and clean energy initiatives, New York is on a path to achieving a zero-emission electricity sector by 2040, including 70 percent renewable energy generation by 2030, and economywide carbon neutrality by mid-century. A cornerstone of this transition is New York's unprecedented clean energy investments, including more than $35 billion in 120 large-scale renewable and transmission projects across the state, $6.8 billion to reduce building emissions, $3.3 billion to scale up solar, more than $1 billion for clean transportation initiatives, and over $2 billion in NY Green Bank commitments. These and other investments are supporting more than 165,000 jobs in New York’s clean energy sector in 2021 and over 3,000 percent growth in the distributed solar sector since 2011. To reduce greenhouse gas emissions and improve air quality, New York also adopted zero-emission vehicle regulations, including requiring all new passenger cars and light-duty trucks sold in the State be zero emission by 2035. Partnerships are continuing to advance New York’s climate action with nearly 400 registered and more than 100 certified Climate Smart Communities, nearly 500 Clean Energy Communities, and the State’s largest community air monitoring initiative in 10 disadvantaged communities across the state to help target air pollution and combat climate change.

Housing Lottery Launches For 1258 Shakespeare Avenue In Highbridge, The Bronx

 

The affordable housing lottery has launched for 1258 Shakespeare Avenue, a seven-story residential building in Highbridge, The Bronx. Designed by Nikolai Katz Architect and developed by Skyrock NYC Development, the structure yields 90 residences. Available on NYC Housing Connect are 19 units for residents at 130 percent of the area median income (AMI), ranging in eligible income from $107,178 to $165,230.

Amenities include pet-friendly policies, a shared laundry room, accessible entrance, security cameras, and an elevator. Residences come equipped with air conditioning, high-speed internet, smart controls for heating and cooling, and name-brand kitchen appliances, countertops, and finishes. Tenants are responsible for electricity.

At 130 percent of the AMI, there are 19 one-bedrooms with a monthly rent of $3,126 for incomes ranging from $107,178 to $165,230.

1258 Shakespeare Avenue in Highbridge, The Bronx via NYC Housing Connect

Prospective renters must meet income and household size requirements to apply for these apartments. Applications must be postmarked or submitted online no later than October 6, 2023.

Bronx Chamber of Commerce - Save the Date: Veteran's Luncheon

Join the Board of Directors and the leadership team of  the Bronx Chamber of Commerce as we celebrate the  service of veterans during our annual luncheon and  recognition ceremony at Pasquale Rigoletto's, 2311 Arthur  Avenue on Wednesday, November 15, 2022.  This year we honor all who served and present the  Veteran-owned & Operated Business Award to Tree Army. If you are a Veteran that would like to attend, please email:  events@bronxchamber.org. If you or your firm would like to sponsor the event and  sustained programming for veterans please email,  admin@bronxchamber.org. Reserve Your Spot - Click Here

Governor Hochul Announces $63.6 Million in Funding to Support Critical Infrastructure Improvements at New York's Private, Not-For-Profit Colleges and Universities

Grants Will Support Education Programs by Modernizing Facilities and Enhancing Student Experience while Spurring Economic Development

See All Competitive Round 5 Approved Projects Here

Governor Kathy Hochul today announced $63.6 million in capital grants at 30 colleges and universities across New York State through the Higher Education Capital Matching Grant Program. These HECap awards support projects that provide construction of new laboratory and research spaces, educational facilities as well as the purchase of new instructional technologies and equipment.

“New York’s colleges and universities are second to none, and thanks to more than $60 million in state capital funding, we are making transformative renovations at top schools across the state so that they can continue to raise the bar,” Governor Hochul said. “From the purchase of cutting-edge scientific equipment to overhauling libraries and student centers, these investments will take our institutions to the next level and ensure that students pursuing higher education in New York State have access to the very best resources and facilities.”

Under the Governor's leadership, the Higher Education Capital Matching Grant Program has enabled campuses across the state to make critical investments in their infrastructure and equipment while creating construction jobs. Campuses that receive grants are required to invest at least $3 of their own funds for every $1 of state funds they receive.

When combined with the college’s matching funds into these projects, more than $250 million will be invested in New York’s higher educational communities.

Selected Award Amounts Include:

• Fordham University – Renovations of the McShane Center, $5 million
• Molloy University (Rockville Center) – Construction of building for Healthcare Workforce Development, $5 million
• St. John Fischer University (Rochester) – Library renovation to create Student Center for Success, $5 million
• Canisius University of Buffalo – Creation of Allied Health Laboratories and Facilities, $1.4 million
• Siena College (Loudonville) – Science Complex Equipment Purchase, $750,000

The funds were awarded at the September 27 meeting of the HECap Board and were awarded pursuant to a competitive application process. The three-member HECap Board includes one member chosen by the Speaker of the Assembly, one member chosen by the Temporary President of the Senate, and a third member chosen by the Governor. DASNY acts as staff to the HECap Board and administers the program. A full list of projects awarded funding is available on the DASNY website.

A request for grant applications for the next competitive round was also approved at the HECap Board meeting. Since HECap’s inception in 2005, the State of New York has awarded $336.3 million in funding to 274 projects at colleges and universities across New York State.

More information on the HECAP program can be found here. Click here for full list of grant awards.

REAL ESTATE COMPANY OWNER SENTENCED FOR PARTICIPATION IN BRIBERY AND KICKBACK SCHEME INVOLVING FORMER CEO OF NEW YORK CITY-FUNDED NONPROFIT

 

Jocelyn E. Strauber, Commissioner of the New York City Department of Investigation (“DOI”), issued a statement today regarding the sentencing of a real estate company owner and operator in connection with a scheme to pay bribes and kickbacks to the former President/Chief Executive Officer of a City-funded provider of homeless shelter services. DOI investigated this matter in partnership with the office of Damian Williams, United States Attorney for the Southern District of New York, which prosecuted the case. 

SHEINA LEVIN, 61, of Brooklyn, N.Y., was sentenced to nine months of house arrest, to be served at the beginning of a two-year term of supervised release, by U.S. District Judge Sidney H. Stein of the U.S. District Court for the Southern District of New York. She was ordered to pay more than $790,000 in forfeiture and pay restitution of more than $838,000. The restitution was ordered to be paid to the Bronx Parent Housing Network (“BPHN”). LEVIN pled guilty in March 2023 to one count of conspiracy to commit honest services wire fraud.

DOI Commissioner Jocelyn E. Strauber said, “This real estate company owner participated in a scheme to bribe the former CEO of a City-funded, nonprofit homeless shelter provider who steered lucrative business her way. Her felony conviction and the sentence imposed today show that those who put personal greed ahead of the needs of vulnerable City residents will face serious consequences. I thank the U.S. Attorney's Office for the Southern District of New York for its partnership in rooting out corruption in taxpayer-funded entities.” 

Between May 2019 and January 2021, LEVIN was the owner and operator of a for-profit real estate business. According to the Superseding Information, LEVIN paid bribes and kickbacks to VICTOR RIVERA, then the President and Chief Executive Officer of BPHN, in exchange for agreements through which BPHN sub-leased property that LEVIN controlled. BPHN was and is a not-for-profit organization that provided shelter services to the New York City Department of Homeless Services. LEVIN made hundreds of thousands of dollars of illicit payments to RIVERA and collected hundreds of thousands of dollars in profit through the scheme.

RIVERA pled guilty in February 2022 to conspiring to enrich himself through bribes and kickbacks provided to him by contractors of BPHN and was sentenced later that year to 27 months in prison and two years of supervised release. 

Commissioner Strauber thanked U.S. Attorney for the Southern District of New York Damian Williams and his staff for the prosecution of this matter, which was handled by Assistant U.S. Attorneys David Abramowicz and Tara La Morte in the Money Laundering and Transnational Criminal Enterprises Unit. DOI’s investigation was conducted in partnership with Special Agents of the United States Attorney’s Office for the Southern District of New York.

Construction Company Operator Sentenced to up to Four Years in Prison For Causing Laborer’s Death in Brooklyn Wall Collapse

 

Ignored Workers’ Safety Concerns, Industry Protocols, and Concerns Expressed by Adjacent Property Owners; Foreperson Also Convicted  

Brooklyn District Attorney Eric Gonzalez, together with New York City Department of Investigation Commissioner Jocelyn E. Strauber, and New York City Department of Buildings Commissioner Jimmy Oddo, today announced that the operator of a Sunset Park construction company has been sentenced to two to four years in prison in connection with an excavation wall collapse that killed a construction worker, Luis Sanchez Almonte, who was buried under thousands of pounds of debris. The site’s foreperson was convicted of criminal mischief and is awaiting sentencing. 

District Attorney Gonzalez said, “The death of Luis Sanchez Almonte was not an accident but a preventable disaster that was caused by disregard of safety protocols and reported signs of danger. The prison term imposed today is an affirmation of these facts – and also a message that those who put their workers in jeopardy will pay a steep price when their actions result in tragedy. I would like to thank DOI, DOB and OSHA for working in partnership with my office to obtain a measure of justice and accountability in this important case.” 

Commissioner Strauber said, “Ignoring construction safety laws can have tragic and deadly consequences, as it did in this case. The custodial sentence imposed on Jiaxi Liu is a warning to construction company owners that prioritize speed and cost over worker safety. I am grateful to Brooklyn District Attorney Eric Gonzalez, the City Buildings Department and the Occupational Safety and Health Administration for their partnership in this case and their commitment to hold accountable those who maintain hazardous construction sites.” 

Commissioner Oddo said, “Ignoring safety regulations on construction sites must have consequences. Securing prison time in this case sends an important message to the entire construction industry – endangering the lives of workers and the public is unacceptable. The Brooklyn DA’s Office, DOI, and OSHA have been invaluable partners in pushing for greater construction safety in our City, and we thank them for doggedly pursuing this important case.”

The District Attorney identified the defendant as Jiaxi “Jimmy” Liu, 49, of Staten Island. He was sentenced today by Brooklyn Supreme Court Justice Danny Chun to two to four years in prison following his bench trial conviction in March of criminally negligent homicide, first degree offering a false instrument for filing, fraudulent practices in violation of worker’s compensation laws, fourth-degree city criminal tax fraud, and related counts. (The DA’s Office recommended a sentence of 5 to 11 years.) 

Wilson Garcia, 48, of Staten Island, who served as the foreman at the construction site was convicted of fourth-degree criminal mischief. He is expected to be sentenced on October 18, 2023. Two other codefendants previously entered guilty pleas: Jia Rong “Tommy” Liu, 52, of Brooklyn, to petit larceny, and Cindy Chai, 45, of Staten Island, to tax fraud.

The District Attorney said that, according to the evidence, between April and September 2018, construction workers employed by WSC Group Inc., owned by Liu, performed demolition, excavation and foundation work at a construction site at 714 39th Street in Sunset Park. The construction involved removing a one-story industrial building and replacing it with a four-story manufacturing and community facility, including a new cellar level that would serve as an underground garage approximately nine feet below the first-floor level.

Despite warnings of dangerous conditions at the site from workers and adjacent property owners, Liu refused to stop work at the site. On September 12, 2018, at approximately 2 p.m., a portion of a support of excavation system (SOE) and an existing masonry wall – adjacent to residential apartment buildings – collapsed, trapping one of the construction workers who was performing foundation work in the immediate vicinity. That worker, Luis Sanchez Almonte, 47, an employee of WSC Group, was struck by one of the underpinning pin sections, which weighed well over 15,000 pounds and was buried under the collapsing debris. First responders couldn’t recover Almonte’s body until the following day due to unstable conditions at the site, which were worsened by significant rain. 

The District Attorney said that the evidence showed that Liu ran WSC Group, the company hired to perform the excavation work and it was his responsibility to give instructions to the foreperson and workers. Garcia served as the foreperson and “competent person,” designated to identify hazards and take immediate action to correct the hazards on site.  

According to the evidence, the defendants were obligated by law to ensure that the construction site was in compliance with regulations promulgated by the DOB and Occupational Safety and Health Administration to ensure the safety of the work site, but, in fact, the site was not in compliance and, furthermore, the defendants failed to follow the design plans submitted and approved by the DOB. They solicited new plans, which were not submitted to DOB, but ultimately didn’t follow any plans, leading to hazardous conditions at the site. Among the issues: the underpinning system wasn’t installed properly; and safe bracing procedures were not followed.

Furthermore, in the days prior to September 12, 2018, Liu was informed of a number of potentially dangerous conditions, including that the rear wall was moving forward and that some support was needed in order to stop the wall’s movement. He was also notified by a resident who lived immediately adjacent to the rear wall that her patio and garage had caved in. Despite those warnings, Liu refused to direct the workers to install additional bracing and never halted work at the site in order to assess or remedy the conditions. Nor did he notify DOB about the conditions.

Instead, he ordered workers to continue working on the underpinning at the rear of the site and in the days immediately preceding the collapse allowed a trucking company to continue to remove truckloads of dirt during a heavy rainstorm, further destabilizing the site and contributing to the fatal collapse.

In addition, WSC defrauded the New York State Insurance Fund by making false statements about who it was employing, and also committed tax fraud by failing to file taxes between 2015 and 2018.

The case was investigated by DOI, specifically the late Investigative Inspector Ross Hoffman and Chief Investigator James McElligott, under the supervision of Inspector General Gregory Cho and Deputy Commissioner/Chief of Investigations Dominick Zarrella, with assistance from DOI’s squad of NYPD Detectives.

Justice Department Secures $9 Million Agreement with Washington Trust Company to Resolve Redlining Claims in Rhode Island

 

The Justice Department announced that Washington Trust Company (Washington Trust), the oldest community bank in the nation, has agreed to pay $9 million to resolve allegations that it engaged in a pattern or practice of lending discrimination by redlining majority-Black and Hispanic neighborhoods in Rhode Island.

Redlining is an illegal practice in which lenders avoid providing credit services to individuals living in communities of color because of the race, color or national origin of residents in those communities.

“This settlement should send a strong message to banks regarding the Justice Department’s firm commitment to combat modern-day redlining and ensure that all lenders are providing equal access to home loan opportunities to communities of color,” said Assistant Attorney General Kristen Clarke of the Justice Department’s Civil Rights Division. “This resolution will provide critical relief to impacted Black and Hispanic communities, enabling them to buy a home, keep their home or access the equity in their home. Ending redlining and providing relief to communities of color impacted by this unlawful practice is a necessary step in ongoing efforts to reduce racial wealth and homeownership gaps across our country.”

“Everyone who pursues the American dream has the right to expect to be treated equally and with dignity, regardless of their race, their background, or zip code. When communities are denied access to fair lending, families are denied the opportunity to build stability and financial success,” said U.S. Attorney Zachary A. Cunha for the District of Rhode Island. “I am pleased that, as a result of the hard work of attorneys in my office and the department’s Civil Rights Division, Washington Trust has agreed to take targeted and extensive measures to make meaningful lending services available for all Rhode Islanders, regardless of race or background.”

The complaint alleges, from 2016 through at least 2021, Washington Trust failed to provide mortgage lending services to majority-Black and Hispanic neighborhoods in Rhode Island. The complaint alleges that despite expansion across the state of Rhode Island, Washington Trust has never opened a branch in a majority-Black and Hispanic neighborhood. The complaint alleges that Washington Trust relied on mortgage loan officers working out of only majority-white areas as the primary source for generating loan applications, and Washington Trust failed to train or incentivize its lending staff or conduct outreach, marketing and advertising of its mortgage services to compensate for its lack of branches and presence in majority-Black and Hispanic areas. The complaint further alleges that, compared to Washington Trust, over the same six-year period, other banks received nearly four times as many loan applications each year in majority-Black and Hispanic neighborhoods in Rhode Island. The complaint also alleges that, even when Washington Trust generated loan applications from majority-Black and Hispanic areas, the applicants themselves were disproportionately white.  

Under the proposed consent order, which is subject to court approval, Washington Trust has agreed to do the following:

• Invest at least $7 million in a loan subsidy fund to increase access to home mortgage, home improvement, home refinance and home equity loans and lines of credit for residents of majority-Black and Hispanic neighborhoods in Rhode Island;
• Spend $1 million on community partnerships to provide services that increase residential mortgage credit access for residents of those neighborhoods;
• Spend $1 million for advertising, outreach, consumer financial education and credit counseling focused on majority-Black and Hispanic neighborhoods;
• Open two new branches in majority-Black and Hispanic neighborhoods in Rhode Island; and ensure at least two mortgage loan officers are dedicated to serving these neighborhoods; and
• Employ a Director of Community Lending who will oversee the continued development of lending in communities of color.

Washington Trust also agreed to complete a community credit needs assessment, to assess and report on its fair lending program; and to train staff on the bank’s obligations under the consent order. Washington Trust worked cooperatively with the department to resolve and remedy the redlining concerns that were identified and agreed to settle this matter without contested litigation.

In October 2021, Attorney General Merrick B. Garland and Assistant Attorney General Kristen Clarke launched the Justice Department’s Combating Redlining Initiative, a coordinated enforcement effort to address this persistent form of discrimination against communities of color. Since 2021, the department has announced nine redlining cases and secured $98 million in relief for communities of color that have been the victims of lending discrimination across the country.

A copy of the complaint and information about the department’s fair lending enforcement can be found at www.justice.gov/fairhousing. Individuals may report lending discrimination by calling the Justice Department’s housing discrimination tip line at 1-833-591-0291 or submitting a report online.

CEO Of Cryptocurrency Ponzi Scheme “IcomTech” Pleads Guilty

 

 Damian Williams, the United States Attorney for the Southern District of New York, announced  the guilty plea of MARCO RUIZ OCHOA for his role in promoting a large-scale cryptocurrency Ponzi scheme known as IcomTech.  OCHOA pled guilty today before U.S. District Judge Jennifer L. Rochon to one count of conspiracy to commit wire fraud.  

U.S. Attorney Damian Williams said: “Again and again, we see perpetrators taking advantage of the hype around cryptocurrency to con unsuspecting victims into investing in pyramid schemes.  IcomTech was one of these large-scale copycat cryptocurrency scams and Ochoa, as the purported CEO, played an important role taking IcomTech to scale and ultimately harming more victims.  Today’s guilty plea sends a clear message that we are coming after all of those who seek to exploit cryptocurrency to commit fraud.”

According to the Indictment and statements made in court:

DAVID CARMONA started IcomTech in 2018, and OCHOA was represented to be IcomTech’s CEO until 2019, when a new CEO replaced him.  IcomTech was a purported cryptocurrency mining and trading company that promised to earn its victim-investors (“Victims”) profits in exchange for their purchase of purported cryptocurrency-related investment products.  OCHOA and the other promoters of IcomTech, including his co-defendants CARMONA, JUAN ARELLANO, MOSES VALDEZ, and DAVID BREND, falsely promised their respective Victims, among other things, that profits from the companies’ cryptocurrency trading and mining would result in guaranteed daily returns on Victims’ investments.  In reality, IcomTech did not engage in cryptocurrency trading or mining for its Investors, and OCHOA and IcomTech’s other promoters used Victim funds to pay other Victims to further promote the schemes and to enrich themselves.

IcomTech promoters, including OCHOA, traveled throughout the United States and internationally, where they hosted lavish expos and small community presentations aimed at luring Victims to invest in the schemes, including in the Southern District of New York.  During larger-scale events, IcomTech promoters presented on purported investment products and the compensation plan, encouraged Victims to invest as a means of achieving financial freedom, and boasted about the amount of money they were earning.  IcomTech promoters often showed up at larger-scale events in expensive cars and wearing luxury clothing as a way of exhibiting their purportedly legitimate success from IcomTech.  The atmosphere of these events was festive and designed to generate excitement about the schemes.

Victims invested in IcomTech by purchasing investment products from promoters using cash, checks, wire transfers, and actual cryptocurrency.  Following a Victim’s investment, a Victim would be provided with access to an online portal where the Victim could monitor the purported returns.  While Victims saw “profits” accumulate on the online portal, most Victims were unable to withdraw any of these so-called profits and ultimately lost their entire investments.  By contrast, IcomTech’s promoters, including OCHOA, siphoned off, in some cases, hundreds of thousands of dollars in Victim funds, which they withdrew as cash, spent on IcomTech promotional expenses, and used for personal expenditures such as luxury goods and real estate.

At least as early as August 2018, Victims who attempted to withdraw money from their online portal accounts had difficulty doing so and, when they complained to promoters, they were met with excuses, delays, and hidden fees, if they were able to make any withdrawals at all.  Despite these complaints, IcomTech promoters, including OCHOA, continued to promote IcomTech and accept Victims’ investments.  As complaints mounted, IcomTech began offering proprietary crypto tokens for sale as a means of injecting liquidity into IcomTech.  Promoters of the schemes claimed that these tokens, known as “Icoms,” would eventually be worth a significant amount of money when they were accepted by companies for payment for goods and services.  This was false.  In reality, “Icoms” were essentially worthless and resulted in further financial loss to Victims.  By in or about the end of 2019, IcomTech stopped making payments to Victims and IcomTech collapsed.

OCHOA, 35, of Nashua, New Hampshire, pled guilty to one count of conspiracy to commit wire fraud, which carries a maximum term of 20 years in prison.

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

Mr. Williams praised the outstanding investigative work of Special Agents from Homeland Security Investigations’ El Dorado Task Force.  Mr. Williams also thanked the Securities and Exchange Commission and the Commodity Futures Trading Commission for their assistance.

If you believe you are a victim of the IcomTech fraud, updated information regarding the case and victims’ rights, as well as contact information for the victim witness coordinator is available here.