SEC Settles Muni Bond Fraud Claims With 3 Town Officials

Law360 (June 5, 2018, 4:57 PM EDT) -- Three officials of the town of Ramapo, New York, have agreed to civil fines and a permanent injunction barring them from municipal bond offerings to resolve U.S. Securities and Exchange Commission allegations they perpetrated a bond fraud, according to consent judgments filed in New York federal court Monday.

The SEC is seeking approval of the separate settlements with N. Aaron Troodler, the former executive director of the Ramapo Local Development Corp., Town Attorney Michael Klein and Deputy Finance Director Nathan Oberman, who allegedly helped Ramapo Town Supervisor Christopher St. Lawrence cook the town's books to hide its struggling finances from bond...

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