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The verdict, which came Friday afternoon following a four-week trial in federal court in White Plains, marks the first conviction for securities fraud in connection with municipal bonds.
The jury returned guilty verdicts on 12 wire fraud counts and eight counts of securities fraud. The 65-year-old St. Lawrence, who lives in Wesley Hills, was acquitted of one count of securities fraud and one count of wire fraud.
The 11 counts of wire fraud each carry a maximum sentence of 20 years in prison; eight counts of securities fraud, each of which carries a maximum sentence of 20 years in prison; and one count of conspiracy, which carries a maximum sentence of five years in prison.
Following the verdict, St. Lawrence was forced to vacate his position and Deputy Supervisor Yitzchok Ullman has assumed those duties.
"The misdeeds of Mr. St. Lawrence should fade as a billboard, together with all the signs along a highway as we drive into our brighter future wiser because of the difficult roads we have crossed," Ullman said in a statement.
Ullman will continue handling supervisor duties until the vacancy is filled after November's election, or sooner, if appointed by the Ramapo Town Board.
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