WHITE PLAINS – Christopher St. Lawrence, the former Ramapo Town Supervisor, was sentenced to 30 months in prison in connection with his scheme to defraud investors in municipal bonds issued by the Town of Ramapo and the Ramapo Local Development Corporation, announced Joon H. Kim, the Acting United States Attorney for the Southern District of New York.
St. Lawrence was found guilty of 20 counts of fraud and conspiracy following a four-week trial last May before United States District Judge Cathy Seibel in federal court in White Plains. It was the first conviction for securities fraud in connection with municipal bonds.
Acting U.S. Attorney Joon H. Kim said, “For years, Christopher St. Lawrence, as Ramapo Town Supervisor, misled municipal bond investors about the state of Ramapo’s finances. At a trial earlier this year, the jury quickly saw through his years lies, and today, he was sentenced to time in federal prison. The integrity of the $3.7 trillion municipal bond market must be protected, and prosecutions like this one should put on all on notice that misleading investors in that market through fraud and deception will lead to prosecution and jail.”
In addition to the prison term, St. Lawrence, 67, of Wesley Hills, New York, was sentenced to three years of supervised release and a $2,000 special assessment. Restitution, if any, will be determined at a future date.