First Conviction in Securities Fraud Municipal Bond Case
A Ramapo, New Jersey town supervisor has been convicted in a securities fraud municipal bond case related to the financing of a controversial stadium. The conviction marks the first conviction for securities fraud in connection with municipal bonds.
Ramapo Town Supervisor Christopher St. Lawrence lied to investigators about the town’s finances, covering the town’s problems. The fraud at issue related to the issuance of $25 million in municipal bonds to pay for construction of a minor league baseball stadium. The stadium cost $58 million.
A jury in a White Plains federal court convicted the 65-year-old supervisor on 20 counts of conspiracy, securities fraud and wire fraud. He was acquitted of one count each of securities fraud and wire fraud.
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If you are looking for a securities fraud attorney to review your rights and options, the securities lawyers at Dimond Kaplan & Rothstein, P.A. have recovered more than $100 million from banks and brokerages firms for their wrongful actions.