One count of securities fraud; one count of conspiracy to commit wire fraud related to securities offerings; and 19 counts of wire fraud related to securities offerings.

MINEOLA, NY (TIP): Those who mistook a period of lull for an end to investigation in to scandals of former Supervisor of TOB John Venditto may have got a rude shock when Venditto was indicted on Tuesday, November 21 on 21 new federal criminal charges involving securities fraud in the town’s public offering of more than $1 billion in securities between 2010 and 2016.

According  to a Newsday report, the superseding indictment adds 21 more counts to the alleged corruption and kickback case which Eastern District federal prosecutors have already brought against Venditto, Nassau County Executive Edward Mangano and Mangano’s wife, Linda. The Manganos are not accused in the securities fraud.

The thrust of the new charges accuse Venditto and unnamed others of being instrumental in the creation of the securities fraud and then failing to disclose in the town’s public offerings what federal prosecutors said is the crux of the fraud: having the town conceal millions in indirect loan guarantees to an unidentified Co-conspirator. Sources have said the Co-Conspirator is former restaurateur Harendra Singh.

In a parallel action, the Securities and Exchange Commission also filed a separate civil suit, accusing Venditto and the town of securities fraud.

The 21 new charges Venditto faces are: one count of securities fraud; one count of conspiracy to commit wire fraud related to securities offerings; and 19 counts of wire fraud related to securities offerings.

Venditto’s arraignment on the new indictment is tentatively scheduled for December 5th. The Manganos — who are not charged with securities fraud — are also required to appear and plead to the superseding indictment.

The overall securities fraud and conspiracy counts includes all 30 security offerings the town made between 2010 and 2016. But some are not included in the individual wire fraud counts because the federal statute of limitations on such crimes goes back only five years, to December of 2012.

Each fraud count carries a maximum penalty of 20 years in prison, but if Venditto is convicted he is most likely to get a lesser sentence.

Venditto previously was charged with obstruction of justice, conspiracy to commit bribery, and making false statements to investigators in connection with his dealings with Singh concerning the loan guarantees.

(Source: Newsday)