Sheldon Silver corruption trial winds down in Manhattan

Closing arguments are expected Monday in the federal corruption trial of former New York Assembly Speaker Sheldon Silver.

The prosecution rested its case against Silver, 71, on Wednesday in U.S. District Court in Manhattan. He is charged with making $4 million in law firm referral fees in two quid pro quo schemes and money laundering.

Silver has pleaded not guilty, and his attorneys have argued that the Democrat, who once wielded broad power and influence in Albany, is being targeted by overzealous prosecutors trying to criminalize common practices in Albany.

Silver resigned from his speaker post after his arrest in late January, but has retained his Assembly seat. He has been in the Assembly since 1976 and took over the speaker post in 1994.

The defense is expected to introduce exhibits Monday, but Silver is not expected to testify. Closing arguments will follow.

The lawmaker is accused of giving state grants to a doctor who referred asbestos-cancer patients to his law firm. Silver also is accused of doing legislative favors for New Hyde Park's Glenwood Management and the Witkoff Group so they would refer cases to the law firm Goldberg & Iryami in return for Goldberg splitting fees with him.

The defense played an audio recording Wednesday of Silver telling reporters in Albany that his private law business included asbestos cases -- appearing to contradict the prosecution's claims that Silver was secretive about receiving those fees.

On Wednesday, prosecutors focused on Silver's profitable investments in little-known businesses, a contrast to the former speaker's public statements that his investments were all in solid, traditional businesses.

Silver's golfing buddy and political supporter Jordan Levy, of Buffalo, testified Wednesday he had recommended various investments to the former speaker. Silver more than doubled $650,000 he invested over eight years into Buffalo-based Counsel Financial, a firm that gave loans to trial lawyers to finance the cost of their lawsuits, according to Wednesday's testimony.

In 2013, Silver had the company combine his holdings with $100,000 he had invested in the name of his wife, Rosa, and then split the total between them so he could report the lower amount on his state financial disclosure, Levy testified.

Silver, of Manhattan's Lower East Side, made a name for himself as a liberal champion in his 21 years as Assembly speaker, pushing for more school aid, a millionaires' tax and the rollback of Rockefeller-era drug laws. He was blamed for famously late state budgets in years past, and has been characterized as anti-business and a protector of trial lawyers.