Former Ramapo Supervisor Fined $327K by SEC

Ramapo’s former supervisor has been given a fine of $327,000 and a lifetime ban from the muni market by the Securities and Exchange Commission stemming from their fraud case against the town. The SEC announced the end of the litigation against Chris St. Lawrence Thursday. The case began in 2016 when the SEC charged St. Lawrence, the town, the RLDC, and three other town officials. It’s not clear whether St. Lawrence is personally responsible for the fine or the town would be. BondBuyer.com called it an “abnormally stiff civil penalty.” Ramapo officials could not be reached for comment.

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