November 21, 2017 / 6:44 PM / a year ago

SEC charges N.Y. town, ex-official, with defrauding municipal investors

WASHINGTON, Nov 21 (Reuters) - The U.S. Securities and Exchange Commission on Tuesday charged Oyster Bay, New York, and its former top elected official with defrauding investors in the town’s municipal securities offerings, the agency said in a statement.

The U.S. Attorney’s Office for the Eastern District of New York filed a superseding indictment that included securities fraud charges against John Venditto, Oyster Bay’s former supervisor, the statement said.

The SEC’s complaint alleges that Oyster Bay and Venditto concealed indirect loan guarantees for a vendor totaling more than $20 million when they should have been disclosed in connection with the Long Island town’s 26 securities offerings from August 2010 to December 2015. (Reporting by Mohammad Zargham; Editing by Tom Brown)

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