Business

New York cashes $4.6B in penalties
5:04 pm
Fri July 11, 2014

NY nets more in bank fees

Benjamin Lawsky, superintendent of New York Department of Financial Services, speaks to business leaders on Long Island. Lawsky has so far collected $4.6 billion in bank fines.
Credit Charles Lane

The amount of money New York State is receiving in penalties levied against banks is increasing. In the last three months state coffers have added more than $4.6 billion in bank fines.

The bulk of the money comes from a record settlement against BNP Paribas, a French bank that admitted to violating US sanctions against Iran, Sudan, and Cuba. It was first reported that New York would receive $2.2 billion, but that number ticks up by another billion because New York City will be giving a portion of its penalty to the state.

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The psychology of falling for a Ponzi scheme
5:15 pm
Wed July 9, 2014

How to fall for a Ponzi in three steps

The Panoramic View Resort in Montauk, NY. Scammers told victims they were investing in a safe mutual fund but instead used the money in the troubled resort.
Credit Photo courtesy of Ed Kim

Six years after Bernard Madoff became a household name people still fall for Ponzi schemes. That's probably because schemers have a tried and true method backed up by psychology. 

Last year there was a big $96 million Ponzi scheme on Long Island. It had all the trapping of a Hollywood con: offshore shell companies, luxury cars, and there was even a famous beachfront resort near the Hamptons.

But for the victim there was nothing glamorous about it

"I thought it was some run of the mill fund," Jan says in a sweet Texan twang that makes friends of almost any ears.

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development
6:00 am
Wed July 2, 2014

Bridgewater nixes Stamford, but lawsuits over site continue

Even though the world's largest hedge fund, Bridgewater Associates, has decided to nix a state-backed $115 million deal to relocate to the site of Stamford's former boatyard, environmentalists and others are still concerned over the future of that 14-acre waterfront site. 

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Economic Development
11:09 am
Mon June 30, 2014

Stamford boatyard activists celebrate Bridgewater Associates' decision

Stamford activist group Save Our Boatyard celebrated this past weekend Bridgewater Associates' decision to back out of a state economic development incentive package to relocate to a 14-acre waterfront parcel in the city's South End. That property, formerly known as Brewer's Yacht Haven had served as the city's boatyard for 100 years until its owner, developer Building and Land Technology, decided to tear down the boatyard in late 2011 and not renew the operator's lease. Maureen Boylan of the activist group says they're now focused on getting a boatyard rebuilt at the site.

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Development
12:54 pm
Fri June 27, 2014

Environmentalists helping Stamford defend itself against BLT lawsuit

Environmentalists have intervened in a lawsuit by Norwalk-based developer Building and Land Technology against the city of Stamford. 

BLT was ordered to stop work on 14 acres of waterfront property after they tore down an existing boatyard there.

That site has been contentious because it’s where BLT and Governor Dannel Malloy wanted to relocate the world's largest hedge fund Bridgewater Associates.  

BLT is suing over the city's Board of Appeals decision to uphold a 2012 stop work order. 

  

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