Ex-Oyster Bay Town attorney settles securities fraud case

Newsday

The U.S. Securities and Exchange Commission has charged former Oyster Bay Town Attorney Leonard Genova with securities fraud in a case Genova has agreed to settle, according to the agency and his attorney.

The SEC on Thursday charged Genova with “defrauding investors” and violating securities law in connection with indirect town loan guarantees to a former town concessionaire, the agency said in a statement.

The SEC alleged in the civil complaint filed in U.S. Eastern District Court in Central Islip that Genova and others “engaged in a scheme to defraud investors” by assisting a concessionaire in obtaining the loan guarantees and not disclosing them to the town’s taxpayers or municipal bond investors.

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