SEC slams ex-Oyster Bay supervisor with 20-count indictment
The Securities and Exchange Commission threw the book at former Oyster Bay Town Supervisor John Venditto Tuesday with a 20-count indictment involving securities fraud.
The new federal charges accuse Venditto and the Town of Oyster Bay of defrauding municipal bond investors when they failed to disclose side deals with an unidentified local businessman who had contracts with the town.
That businessman -- who Newsday identified as former concessionaire Harendra Singh -- allegedly cultivated the relationship with the town, Venditto and other officials using gifts, bribes, kickbacks and political support.
In return, Oyster Bay and Venditto allegedly agreed to indirectly guarantee four private loans totaling more than $20 million for the businessman and failed to disclose any of the 26 securities offerings between 2010 and 2015.
The new charges are in addition to the alleged federal corruption and kickback case that Venditto is already facing.
Venditto is scheduled to be arraigned on the new charges Dec. 5.
News 12 Long Island called Venditto's attorney for comment about the new indictment but did not immediately hear back.