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Oyster Bay, New York and Former Top Official Charged With Defrauding Investors

Earlier this month, the SEC charged a town in New York, and its former top elected official with defrauding investors in the town’s municipal securities offerings by concealing the existence and potential financial impact of side deals with a businessman who owned and operated restaurants and concession stands in town.

Several years ago, Oyster Bay agreed to indirectly guarantee four private loans to the vendor totaling more than $20 million. Allegedly, Oyster Bay and John Venditto deliberately hid the indirect loan guarantees when they should have been revealed in connection with the town’s 26 securities offerings ranging from August 2010 to December 2015.

 

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