SEC Charges Oyster Bay, NY and its Former Executive

The Securities and Exchange Commission (SEC) charged Oyster Bay, New York on Long Island, and its former top elected official, town supervisor John Venditto with defrauding investors in the town’s 26 municipal securities offerings from August 2010 to December 2015. The SEC accuses the town and its executive with hiding the existence and potential financial impact of side deals, including indirectly guaranteeing four separate private loans to the vendor totaling more than $20 million, with a businessman, who owned and operated restaurants and concession stands at several town facilities. The SEC alleges that this information was material to investors including a multi-million dollar potential termination if the loans defaulted. Andersen Sleater Sianni represents investors who have been defrauded. Click here to read more about the Oyster Bay case.