A suburban New York town supervisor has been convicted of federal charges related to the financing of a controversial stadium.
Ramapo Supervisor Christopher St. Lawrence was convicted Friday by a White Plains federal court jury of 20 counts of conspiracy, securities fraud and wire fraud. He was acquitted of one count each of securities fraud and wire fraud.
Acting U.S. Attorney Joon Kim said in a release that the conviction marked the first conviction for securities fraud in connection with municipal bonds.
The fraud pertained in part to the issuance of $25 million in bonds to pay for construction of a minor league baseball stadium. The stadium cost $58 million.
Prosecutors said the 65-year-old St. Lawrence of Wesley Hills, New York, lied to investors about the town’s financial problems.