Finance exec: Singh facilitated loans backed by Oyster Bay Town

Posted: Updated:
CENTRAL ISLIP -

A finance executive linked a disgraced restaurateur to about $20 million in loans backed by the Town of Oyster Bay Monday during testimony in the federal corruption trial against Ed Mangano and John Venditto.

Mangano was Nassau County executive at the time, and Venditto was the town supervisor in Oyster Bay. 

Barry Edelstein, a managing partner of the finance company Structured Growth Capital, said that the loans went so well that he and Harendra Singh planned a celebratory dinner. Edelstein said that he and partners from another firm called NDL Capital met on several occasions with town officials to make sure they would back the loans.

WATCH: Newsday's Joye Brown discusses developments in the case

When prosecutor Catherine Mirable asked Edelstein if the loan would have been possible without Oyster Bay's commitment, he answered, "No." 

He acknowledged that he never spoke directly with Venditto, then the town's highest ranking official. And when Venditto's defense lawyer Marc Agnifilo held up a series of pictures of town officials, Edelstein was only able to identify one of them.

He said his main point of contact for the loans was former deputy town attorney Fred Mei, another witness in the trial. Mei has separately pleaded guilty to accepting bribes from Singh.

After the successful loans, Edelstein said Singh attempted to play a role in helping Nassau find financing to refurbish the Coliseum.  He proposed a meeting between Edelstein and Mangano.

After a pair of meetings, one at Mangano's office and one at Singh's restaurant, the parties did not move forward. But Edelstein described Singh as a middleman.

During cross-examination, Mangano's defense attorney Kevin Keating suggested that the meetings were not about the Coliseum, but instead about financing for a minor league baseball stadium at Mitchell Field. Edelstein acknowledged that that discussion did take place, and that Long Island Ducks owner Frank Boulton was present in at least one of the meetings.

  • SlideshowsSlideshowsMore>>

  • Dog Day Fridays for August 17

    Dog Day Fridays for August 17

    Friday, August 17 2018 8:18 AM EDT2018-08-17 12:18:00 GMT
    Bailey is a Hound mix, just under 2 years old. She was recently surrendered to the shelter by her owner. Bailey is a sweet and playful dog. She behaves well with children and other friendly dogs. She would be the perfect companion for any household.Bailey is a Hound mix, just under 2 years old. She was recently surrendered to the shelter by her owner. Bailey is a sweet and playful dog. She behaves well with children and other friendly dogs. She would be the perfect companion for any household.

    This week's dogs are up for adoption at Bobbi and the Strays. The shelter is located at 2 Rider Place in Freeport. Their phone number is (516) 378-4340

    This week's dogs are up for adoption at Bobbi and the Strays. The shelter is located at 2 Rider Place in Freeport. Their phone number is (516) 378-4340

  • Aftermath of bridge collapse in Genoa, Italy

    Aftermath of bridge collapse in Genoa, Italy

    A general view of the Morandi bridge which collapsed on August 14, 2018 in Genoa, Italy.A general view of the Morandi bridge which collapsed on August 14, 2018 in Genoa, Italy.
    A general view of the Morandi bridge which collapsed on August 14, 2018 in Genoa, Italy.A general view of the Morandi bridge which collapsed on August 14, 2018 in Genoa, Italy.

    A bridge on a main highway linking Italy with France collapsed in the Italian port city of Genoa during a sudden, violent storm, sending vehicles plunging 45 meters (nearly 150 feet) into a heap of rubble.

    A bridge on a main highway linking Italy with France collapsed in the Italian port city of Genoa during a sudden, violent storm, sending vehicles plunging 45 meters (nearly 150 feet) into a heap of rubble.

  • Just Married on Long Island

    Just Married on Long Island

    News 12 Long Island wants to announce your wedding. Share your pictures and videos with News 12 Long Island viewers!

    News 12 Long Island wants to announce your wedding. Share your pictures and videos with News 12 Long Island viewers!

sorry to interrupt
your first 20 are free
Access to News 12 is free for Optimum, Comcast®, Spectrum Networks® and Service ElectricSM customers.
Please enjoy 20 complimentary views of articles, photos, and videos during the next 30 days.
you have reached your 20 view limit
Access to News 12 is free for Optimum, Comcast®, Spectrum Networks® and Service ElectricSM customers.
Please login or create an account to continue enjoying News12.
Our sign-up page is undergoing maintenance and is not currently available. However, you will be given direct access to news12.com while we complete our upgrade.
When we are back up and running you will be prompted at that time to complete your sign in. Until then, enjoy the local news, weather, traffic and more that's "as local as local news gets."