Oyster Bay loan guarantees remain focus of Mangano-Venditto trial

<p>A second managing partner at the law firm Rivkin Radler took the stand Thursday morning in the federal corruption trial of former Nassau County Executive Ed Mangano, his wife Linda and former Oyster Bay Town Supervisor John Venditto.</p>

News 12 Staff

Apr 12, 2018, 4:05 PM

Updated 2,215 days ago

Share:

A second managing partner at the law firm Rivkin Radler took the stand Thursday morning in the federal corruption trial of former Nassau County Executive Ed Mangano, his wife Linda and former Oyster Bay Town Supervisor John Venditto.
On Wednesday, William Savino – a former partner at the law firm and Ed Mangano’s former boss – was questioned about Rivkin Radler’s role in helping the Town of Oyster Bay reach a decision on whether or not it could guarantee the personal loans of restaurateur Harendra Singh – the prosecution’s star witness.
Savino struggled to recall how his law firm helped in the effort. He also said several times that he did not have a recollection of specific events.
Bill Cornachio, Savino’s former colleague, offered a bit more detail Thursday into a April 28, 2010 meeting that he said he and Savino attended at Mangano’s campaign headquarters. Cornachio described the meeting place as a “non-descript” storefront in North Massapequa.
The partners at the powerful Nassau law firm say they were brought in to the process to see if their client, the Town of Oyster Bay, could legally provide a guarantee on a $1.5 million loan requested by Harendra Singh. Cornachio testified that the meeting was also attended by Mangano, Venditto, Singh and others. Cornachio said he told the group that according to state law, the town could not guarantee a personal loan. He said he was then given a new assignment: Find another way.
"It was clear when we left the meeting that everyone wanted us to find a solution," said Cornachio.
Cornachio said he ultimately found a way to demonstrate to the lender that Singh had the town's backing. He described it as a "alternative arrangement" – not technically a guarantee, but a document that showed the bank that it would get paid even if Singh defaulted on the loan.
The legality of the loan is not at issue in this trial, however. The jury will be determining whether the loan was payback for kickbacks and bribes that Singh says he provided the Nassau officials.
Oyster Bay ultimately backed a total of $20 million of loans to Singh. When Singh was arrested, the town's credit rating plummeted to junk bond status.
A pair of limo drivers also testified Thursday that while they received generous tips from Venditto and his family after rides, Harendra Singh's account paid the bills. The defense has argued that Venditto paid in cash.
The trial resumes on Monday.


More from News 12
2:14
Teen accused of driving stolen car while high, causing fatal crash in Centereach

Teen accused of driving stolen car while high, causing fatal crash in Centereach

1:39
Morning rains before cloudy, warm Monday afternoon for Long Island

Morning rains before cloudy, warm Monday afternoon for Long Island

1:53
Long Island's Jewish communities pause and reflect on Holocaust Remembrance Day

Long Island's Jewish communities pause and reflect on Holocaust Remembrance Day

1:34
2nd annual Long Island Jewish Film Festival celebrated at Cinema Arts Center in Huntington

2nd annual Long Island Jewish Film Festival celebrated at Cinema Arts Center in Huntington

0:23
Suffolk police: Pedestrian struck, killed by car in Copiague

Suffolk police: Pedestrian struck, killed by car in Copiague

0:50
Hundreds of athletes compete in Special Olympics New York Spring Games at Plainedge High School

Hundreds of athletes compete in Special Olympics New York Spring Games at Plainedge High School

0:30
Zibanejad has 2 goals and 1 assist, Panarin scores as Rangers beat Hurricanes 4-3 in Game 1

Zibanejad has 2 goals and 1 assist, Panarin scores as Rangers beat Hurricanes 4-3 in Game 1

0:24
Police: Huntington Station man critically injured in Dix Hills hit-and-run

Police: Huntington Station man critically injured in Dix Hills hit-and-run

0:27
Nassau police: 6 injured in shooting at Westbury home

Nassau police: 6 injured in shooting at Westbury home

2:06
New guidance says women need to be screened for breast cancer at 40 or younger

New guidance says women need to be screened for breast cancer at 40 or younger

0:21
State police: 32-year-old man killed in Wantagh Parkway crash

State police: 32-year-old man killed in Wantagh Parkway crash

0:45
Fire breaks out at Plainview storage facility

Fire breaks out at Plainview storage facility

1:50
‘No one is helping.’ Freeport tenants say complaints about fire alarm are falling on deaf ears

‘No one is helping.’ Freeport tenants say complaints about fire alarm are falling on deaf ears

0:46
Teachers participate at 15th annual 'GC for a Cure' 5K Run and Walk in memory of late educator

Teachers participate at 15th annual 'GC for a Cure' 5K Run and Walk in memory of late educator

0:53
Prosecutors: Queens man stole used cooking oil from 16 restaurants

Prosecutors: Queens man stole used cooking oil from 16 restaurants

0:28
Sag Harbor teen charged with DWI following crash into tree

Sag Harbor teen charged with DWI following crash into tree

2:15
Meeting held over next steps for cleanup at Bethpage Community Park

Meeting held over next steps for cleanup at Bethpage Community Park

1:32
Knowing the early warning signs during Stroke Awareness Month

Knowing the early warning signs during Stroke Awareness Month

0:38
Sam Ash Music announces closure of all store locations

Sam Ash Music announces closure of all store locations

2:15
EXCLUSIVE: Gov. Hochul talks retail theft, bail reform during visit to Lindenhurst

EXCLUSIVE: Gov. Hochul talks retail theft, bail reform during visit to Lindenhurst