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Who knew there was that much money floating around the neighborhood? Story shamefully linkjacked from here.
NEW YORK -(Dow Jones)- A money manager based in the Bay Ridge section of Brooklyn, N.Y., has been indicted in a Ponzi scheme that prosecutors say operated for three decades and involved more than $40 million.
Philip Barry, who ran a group of companies collectively known as Leverage Group, was charged Thursday in an indictment with securities fraud and 20 counts of mail fraud.
….Barry allegedly ran Leverage Group until February 2009 as a Ponzi scheme, paying returns to earlier investors from money received from other, newer investors, prosecutors said.
Prosecutors previously said that Barry approached them in August 2008, allegedly admitting that in the past he made payments to Leverage Group investors in part by using new investor money. The investigation has been ongoing since then.
The original SEC filing can be found here (sec.gov). It’s really gotta be one of the most stark first paragraphs in an SEC filing.
The Securities and Exchange Commission today charged a Brooklyn money manager for running a $40 million Ponzi scheme in which he promised approximately 800 investors guaranteed high returns from safe, liquid investments, but instead spent their money on real estate, his pornography mail order business, and other interests.
We hear at Bayridgistan are a blue-collar group. Much like the current Fox News-sponsored gold rush, the securities and derivatives hype of yesteryear reads as another Big Finance hustle–another way to get the workingman’s dollar to finance the back end of an investment fad. Just remember.. it’s always the last Ponze that’s the brokest.
Here’s some perspective on the “Madoff of Brooklyn” from dailyfinance.com. Here’s a particularly bizarre, and locally relevant section
Unlike Madoff’s investors, who were quick to clamor for their money, Barry’s customers seem more circumspect. Some, including New York State Conservative Party chairman Michael Long — who lost $15,000 with Barry — are convinced that Barry invested in good faith but was done in by the shaky financial and real-estate markets.
Of course, others haven’t been quite so forgiving. Barry’s various companies, including Philip Barry LLC, the Leverage Group, North American Financial, and Saint Joseph Development Corp., face a host of lawsuits. Apparently, Barry promised a minimum return of 12.55 percent to most of his customers but wouldn’t allow them to withdraw their funds. However, the biggest claim is that Barry, like Madoff, used money from new investors to pay off old ones. If that proves true, this classic “Ponzi” scheme will be the end of Barry.
In light of this, we here are relieved to see at least a little progress in the right direction.
The bill creates a new Consumer Financial Protection Agency (CFPA), imposes new curbs on the multitrillion-dollar derivatives market and sets up a new system for dissolving failing financial firms.
Press release courtesy of Vincent Gentile’s office
Councilman Gentile Calls for Establishment of
Fire Emergency Number
CITY HALL?After errors related to the emergency 911 dispatch system of reporting fires ballooned last month, Councilman Vincent Gentile has requested that a bill be drafted to establish a separate number to facilitate the reporting of those incidents and expedite the FDNY’s response time.
Councilman Gentile called for a bill to be drafted in order to “establish a new 711 phone number for all calls related to fire emergencies that shall be answered and staffed by FDNY dispatchers.”
His request comes on the heels of a November 18 fire in Brooklyn. A father and two sons died in the blaze after the first two 911 calls from neighbors reporting the fire led firefighters to the wrong address, delaying their response time by more than a minute. That was the second incident that day in which firefighters were dispatched to an incorrect address.
In the original emergency dispatch system, discontinued in May 2009, the system was divided into three different agencies: FDNY, EMS and NYPD. The FDNY had five dispatch offices citywide – one in each borough. Now, they’re consolidated within a downtown Brooklyn location, and New York Police Department operators both receive and process information from callers reporting fires and other emergencies to the FDNY. The plan was modified two days after the fatal November 18 fire so that an FDNY dispatcher can be “conferenced” into a 911 conversation so that pertinent information won’t be overlooked.
“When it comes to fires in New York City, we’ve got to do everything we can to have fire companies on the scene as quickly as possible and not a minute later,” Councilman Gentile said. “We need that direct line from callers to FDNY dispatchers so that the right information gets to the right people not a moment too late.
“Fire dispatchers had an intimate knowledge of each borough’s streets and of what sort of equipment was needed for certain fire-related emergencies,” Councilman Gentile added. “Overlooking them as the valuable resource they are is a public safety risk.”
In testimony before the Council’s Fire and Criminal Justice Committee hearing Thursday afternoon, Uniformed Fire Officers Association President Captain Alexander Hagan endorsed the 711 proposal as a “long range solution” to the problems associated with the new Unified Call Taking system (UCT).
“We already have the 911 system for police calls, and during the eight years of the Bloomberg Administration, we have seen a 311 system successfully implemented, and now a 511 call number for transportation questions and answers,” Cpt. Hagan testified. “Frankly, the UFOA, although it sees the value of a call system that gives the caller the timetable for the next train out of town, feels a much higher priority should be placed on the safety of the people who live, work and visit our beautiful city.”
Dena Libner
Communications Director
Office of Councilman Vincent J. Gentile
District Office: 718-748-5200
Legislative Office: 212-788-7363
It’s nice to see the union officials backing the plan.
(btw, apologies for formatting problems on this page… the bayridgistan web-elf has struck again)
Courtesy of the folks at BKCB 14 (brooklyn community board 14).
Deputy Inspector Ralph Monteforte, Commanding Officer of the 70th Precinct, has asked CB14 to share the following tips with our residents for an enjoyable and safe holiday season:
- Be alert and aware of your surrounding at all times. Criminals often confront people who are distracted.
- Travel on populated, well-lit streets. If possible, travel with a friend or family member.
- When driving, keep your doors locked and windows closed. Make sure the gas tank is full and maintain your car in good working condition to avoid breakdowns.
- If you are taking the subway, look for the red and green lights outside the entrance. A red light means that you cannot enter the subway at that location. Look for an entrance with a green light before going down the stairs.
- If possible, stay in the view of the token booth while awaiting your train. Never walk near the edge of the platform.
- Plan your purchases in advance and carry only the amount of cash necessary to make the purchase. If you must carry a large sum of money, divide the cash between your purse, pockets and wallet.
- Record the numbers for each of the credit cards you own. This will facilitate the theft or loss of the card.
- Carry your purse close to your body. Place one end of the purse in the palm of your hand and the other in the bend of the elbow. Never carry a purse by the handle or wrap the strap around your body.
- Always lock your car. Before getting into your car, check the back seat to make sure no one is hiding.
- If you are carrying a wallet, carry it in the breast pocket of your jacket or in your side pants pocket.
- The rear pants pocket is one of the easiest to pick.
- When in a restaurant, don’t leave your handbag or packages unattended.
- If you must place your packages in your car, put them into the trunk and make sure the trunk is locked. Never leave packages in the passenger compartment unattended.
- Don’t wait until you have reached your front door to look for your keys. Have them ready in your hand. If a stranger is standing near your door, it may be a good idea not to go in until the situation is safer.
- Lock your front door immediately upon entering your home.
- If you live in apartment building don’t buzz in someone who rings your bell until you have verified who they are. This will help protect both yourself and your neighbors.
- Be wary of con artists. Con artists use a number of ploys to scam you and steal your property. Some divert your attention while another pick your pocket, some pose as utility workers or a tradesperson to gain access to your home, while others conduct scams that are more elaborate involving several con artists. As a consumer you should also be wary of illegal vendors selling goods on the street. Purchase merchandise from only licensed vendors or reputable stores. Follow your instincts and remember, “If it seems too good to be true, it probably is”.
- Don’t drink and drive.
Many thanks to the good folks at the Brooklyn Public Library for another great event.
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Exposure to music helps children develop a life-long apprecaition for the arts. Music Adventures is an innovative program that encourages creative expression through music, dance and related arts. |
| Where: |
Bay Ridge Library |
| When: |
Friday, Dec 11 3:30 PM |
| Audience: |
For Kids |
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Events for Youth and Families are supported by The Hearst Foundation, Inc. |
This came our way through Speaker Quinn’s office. Some tips from the NYPD.
Below are some important tips from the NYPD on how to stay safe and what you can do if you’ve been sexually harassed or assaulted on the subway:
- Do not be ashamed or afraid to report the offense to the police or an MTA employee immediately.
- During off hours, wait at the marked waiting areas on the station platforms and sit in the conductor’s car when the train arrives.
- Know your way around your subway stations: the locations of exits and where stairwells lead.
- If the sex offense happens on a crowded subway car, if you can do so safely, step away from the perpetrator and loudly let others know what the offender is doing.
- If you are in an empty car, leave the car and find one with more passengers.
- If you can do so safely, use your cell phone to take a photo of the perpetrator, or make a note of any distinctive features or items of clothing.
- If the perpetrator follows you off the train, call the police and stay in a crowded area.
- Remain alert and awake.
For more information about the New York City Alliance Against Sexual Assault, Right Rides and Girls for Gender Equity, please visit their websites at www.svfreenyc.org, www.rightrides.org, and www.ggenyc.org, respectively.
One of the undiscussed issues in the Second Amendment debate is that privately owned firearms are not physically chained to the zip code in which they were purchased. That may seem trivial, but since guns are easily portable (and carry a significant street-value) they tend to travel from places where guns are cheap and plentiful to places where they are less cheap and less plentiful…. places like Brooklyn.
Enjoy this harrowing report from the Orlando Sentinel (soul-lessly linkjacked from the mudroch behemoth)
Some of the guns flooding New York City are coming from an illegal network tied to Florida and other Southern States, officials said this week.
Officials in New York made the announcement while displaying a cache of 56 firearms seized in a six-month undercover operation by NYPD and the Brooklyn DA’s Office, …
Authorities said Ryan Woodard, 22, was selling guns out of his girlfriend’s apartment in Brooklyn after hauling them to New York in a car he rented in Orlando.
Woodard bought many of his weapons at gun shows,
This is a bit of old news, but here’s the details from the NYTimes.com
Day after day, night after night, Francisco Hernandez Jr. rode the subway. He had a MetroCard, $10 in his pocket and a book bag on his lap. As the human tide flowed and ebbed around him, he sat impassively, a gangly 13-year-old boy in glasses and a red hoodie, speaking to no one.
After getting in trouble in class in Bensonhurst, Brooklyn, and fearing another scolding at home, he had sought refuge in the subway system. He removed the battery from his cellphone. “I didn’t want anyone to scream at me,” he said.
All told, Francisco disappeared for 11 days last month — a stretch he spent entirely in subway stations and on trains, he says, hurtling through four boroughs. And somehow he went undetected, despite a round-the-clock search by his panicked parents, relatives and family friends, the police and the Mexican Consulate.
And here’s another good breakdown from the Digital Journal
The boy, whose developmental disabilities kept him from approaching anyone for help, have also led him to keep his experiences during the 11 days from his mother, Marsiela Garcia, who says he has not told her anything about his time in the subway system.
If you’re wondering what Asperger’s syndrome is check out this definition from wikipedia
Asperger syndrome is an autism spectrum disorder, and people with it therefore show significant difficulties in social interaction, along with restricted and repetitive patterns of behavior and interests.
We had some fun pondering the numbers from the recent Marist Poll showing New York State Voters Want Change in Albany. Here are some highlights of the poll
…Governor David Paterson’s approval rating is at a dreadful 20% among registered voters in New York State…
…Just 16% of voters statewide believe the State Senate is doing either an excellent or good job in office, and nearly a majority — 48% — thinks the legislative body is performing poorly…
(editor’s note: we’d like to meet that 16% and ask them how much their making off our tax dollars)
…Only 13% of New York State voters approve of the job the Assembly is doing while 47% give the chamber poor marks…
Check out the results of their poll released on 11/23/2009 here or by visiting http://maristpoll.marist.edu/1123-voters-want-change-in-albany/.
One way to create some change is to vote
You can register to vote by clicking here or here. You can also do the slower routes (via phone, mail or in person) by checking out the details offered here from the new york state board of elections.
Santa (or a reasonably affordable facsimile) will be stomping down Third Avenue this friday. As part of a promotional campaign..”Santa will stop at designated locations along Third Avenue to give out gifts for the children and a guide to local merchants offering Shop Brooklyn bonus deals.”
Check out the schedule (and some more details), bring out the kids…. (possibly an umbrella). Tip of the Hat for doing something nice in the community to the folks at www.thirdavenuebayridge.com , and http://lovebrooklyntoursandevents.com/
WHEN
Friday, November 27th, 12:00 p.m.
WHERE
Kickoff at 88th Street & 3rd Avenue with Brooklyn Borough President Marty Markowitz, The Merchants of Third Avenue Civic Improvement Association, representative from Senator Marty Golden, Councilman Vincent Gentile and other local leaders.
Santa’s stops on Third Avenue are scheduled as follows:
1:00 p.m. 91st Street
1:30 p.m. 97th Street
2:15 p.m. 75th Street
2:45 p.m 68th Street
3:30 p.m. 71st Street
4:00 p.m. 79th Street
4:30 p.m. 84th Street
Bring a camera to take pictures with Santa.
Participating merchants offering Shop Brooklyn bonus deals include:
Added Attractions
A Gift to Remember
Bay Ridge Bicycle World
Bookmark Shoppe
Bodhi Salon
Cebu
Chef with Sole
City Couture
Creations with Inspiration
Greenhouse Café
The Green Spa & Wellness Center
Gossip
Heart to Heart
The Hutch
HoM
Ivy Bakery
Jenny Lynn Clothing
Kaleidoscope Toy Store
Learning Lab
Lola’s Boutique
Nordic Delicacies
Run for Your Life
The Village
Yellow Hook Grille
And more…
This event is brought to you by the Merchants of Third Avenue Civic Improvement Association. www.thirdavenuebayridge.com
For our Rusko-phillic friends throughout South Bk, check it out. The event will be in Russian and as seating will be limited please be aware you’ll need to RSVP… number below
| Where: |
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| When: |
Saturday, Dec 5 AT 4 PM |
| Audience: |
For Adults |
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Registration required. Call to register. |
Bitov reads from his latest book “Prepodavatel’ simmetrii” (“The Symmetry Instructor”). A novelist, writer, geologist, Bitov was born in Leningrad in 1937. Bitov first became well known internationally through his novel Pushkin House. This program is presented in Russian. Please RSVP for tickets at 718-230-2222. Limit 2 per person.
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