Suburban NY official pleads guilty to securities fraud
RAMAPO, N.Y. (AP) — A former head of a local development corporation has admitted to conspiring with a suburban New York town supervisor in a corruption scheme involving the financing of a controversial stadium and other projects.
N. Aaron Troodler pleaded guilty Tuesday to securities fraud and conspiracy. Federal prosecutors say Troodler helped sell over $150 million of municipal bonds on fabricated financials. They say the case is believed to be the first conviction for federal securities fraud in connection with municipal bond issuances.
The case against Ramapo Supervisor Christopher St. Lawrence is pending. He’s accused of inflating town assets to obtain the $25 million in municipal bonds used in 2012 to build a stadium outside Pomona used as a sports and concert venue. He has pleaded not guilty.