ICYMI: John Venditto Hit With Additional Defrauding Charges: SEC

In case you missed it, here's a story that appeared last week in Massapequa Patch:

TOWN OF OYSTER BAY, NY - The Securities and Exchange Commission (SEC) announced on Tuesday charges against the Town of Oyster Bay and former Town Supervisor John Venditto for allegedly defrauding investors.

According to the SEC's complaint filed in U.S. District Court for the Eastern District of New York, town officials agreed several years ago to guarantee over $20 million in four separate private loans to the owner and operator of restaurants and concession stands at several town facilities.

The agreement stemmed from the concessionaire's longstanding close relationship with Venditto, 68, of Massapequa, and other officials that involved gifts, bribes, kickbacks, and political support, according to the SEC.

The SEC's complaint also alleges that Oyster Bay and Venditto hid the indirect loan guarantees when they should have been disclosed in connection with the town's 26 securities offerings from August 2010 to December 2015.

According to the complaint, this information was important to current and prospective investors due to the potential impact on the town's finances.

Click here to read the full story.