The Securities and Exchange Commission has obtained lifetime bars prohibiting three town officials, who allegedly hid a deteriorating financial situation from investors, from participating in municipal bond offerings.

In addition to the lifetime municipal security bars, the final judgments, entered on June 6, 2018 by the Honorable Cathy Seibel of the U.S. District Court for the Southern District of New York, permanently enjoin Nachman Aaron Troodler, Nathan Oberman and Michael Klein from violating Section 17(a) of the Securities Act of 1933, and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The final judgments also order Oberman to pay $10,000 in civil penalties and Klein to pay $25,000 in civil penalties and require Oberman and Klein to resign from their employment with Ramapo, N.Y. and prohibit them, for five and seven years, respectively, from being employed by Ramapo. Oberman and Klein consented to their respective final judgments without admitting or denying the allegations in the SEC's complaint. Troodler previously pled guilty to criminal charges in the parallel criminal case brought by the U.S. Attorney's Office for the Southern District of New York.

The SEC's litigation against Christopher St. Lawrence continues. The SEC is seeking injunctions, financial penalties, and an order prohibiting St. Lawrence from participating in future municipal bond offerings.