Oyster Bay approves settlement with Securities and Exchange Commission

The Oyster Bay Town Board unanimously approved a settlement with the Securities and Exchange Commission at its regular meeting Tuesday.

The resolution passed without discussion or comment.

SEC attorneys charged Oyster Bay and former Town Supervisor John Venditto in 2017 with defrauding investors for failing to disclose loan guarantees and then making “materially misleading” disclosures about them in its bond documents.

Under the settlement, which is subject to approval by a federal judge, the town will hire a financial consultant to review bond disclosures for three years. Under the settlement terms, the town will neither admit nor deny that it was negligent and will not pay a fine. The town’s settlement does not include Venditto.