SEC v. Town of Ramapo and others (municipal bond disclosure, 2016)

Judgment entered

Checked against the primary document on October 4, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, with sampled and disputed records read a second time. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

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In April 2016 the SEC sued the Town of Ramapo, its development corporation and four town officials over concealed financial problems in municipal bond offerings. Consent judgments were entered for the town in November 2017 and for three officials in June 2018, and a final judgment against former supervisor Christopher St. Lawrence on October 22, 2018 ended the case.

The record

Structured fields for this action, as recorded in our case library.
Agency	SEC
Release number	LR-23521
Date filed	2016-04-14
Date resolved	2018-10-22
Status	judgment
Asset class	bonds
Criminal parallel	Yes: guilty plea (Troodler, one of the town officials (pleaded guilty); St. Lawrence and others were charged in April 2016), U.S. District Court, Southern District of New York
Defendants	Town of Ramapo, et al. (individual)
Cited as charged or alleged	Exchange Act s.10(b) and Rule 10b-5 ; Exchange Act s.20(a) ; Securities Act s.17(a) (statutes and rules cited in the document; not a finding that they were violated)
Techniques

What was ordered

Civil penalty: $362k
Disgorgement: —
Prejudgment interest: —
Total relief: $362k
Alleged gain: —

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The Securities and Exchange Commission announced this matter on April 14, 2016 as release LR-23521. The respondents named are Town of Ramapo, et al. (1 individual, 0 entities).

This library applies no technique tag to the matter. The conduct is municipal securities disclosure fraud, not wash trading.

SEC releases show the whole case ended by October 22, 2018. The Town and Ramapo Local Development Corp. consented on November 17, 2017 to injunctions and undertakings including a court-appointed independent consultant and independent auditors, with no penalty stated. On June 6, 2018 final judgments were entered against officials Troodler, Oberman and Klein, imposing lifetime municipal-offering bars and civil penalties of $10,000 (Oberman) and $25,000 (Klein); Oberman and Klein consented, and Troodler had pleaded guilty in a parallel criminal case. On October 22, 2018 a final judgment against former Town Supervisor Christopher St. Lawrence imposed a $327,000 civil penalty and a municipal-offering bar, ending the litigation. The penalty field adds the three penalties stated. Those who consented did so without admitting or denying the allegations. Checked on 2026-10-04.

Timeline

2016-04-14 Litigation release published
2017-11-17 Consent final judgment against Town of Ramapo and RLDC (SEC LR-23997)
2018-06-06 Final judgments against three town officials (SEC LR-24161)
2018-10-22 Final judgment against Christopher St. Lawrence ends the litigation (SEC LR-24351)

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Record added September 10, 2026. submit a correction.