“The greater the risk, the greater the reward.” It’s a statement we’ve all heard referenced in many areas throughout our lives. Taking on more risk with your investments may increase your likelihood of higher returns, but you may also experience the downs of the investment markets, including the risk of losing some or all of your investment. Can your proverbial stomach take that?
Balancing Risks
There are many different kinds of risk. One of those is market risk. That’s the chance the value of an investment will go down, not up, causing you to lose money. The second is the possibility that you may not earn enough on your investments to keep up with inflation. And a third common risk is the chance your investments won’t grow enough to get you to your longer-term goals, such as retirement.
Understanding Your Risk Tolerance
Several factors can help determine your risk tolerance:
What is your time frame? The length of time remaining for you to reach your goal matters when it comes to how much risk you can handle in your portfolio.
What can you afford to lose? Another key consideration is how much investable money you have available after identifying your goals and obligations, and how much you can afford to lose.
What is your emotional ability to handle risk? Some people can’t handle the ups and downs of the markets and, therefore, are better off choosing a more conservative portfolio.
Investors need to be savvy, always balancing the risks they are taking with the possible rewards — and avoiding investments that are beyond their understanding or individual tolerance for market volatility.
Investing for the Long Term
When investing for long-term goals, it is important to be prudent and stay focused on the long view. Prices of stocks and bonds can go up and down, sometimes wildly. But if you’re thinking in terms of years and not days, the short-term peaks and valleys won’t seem so large.
A prudent investor helps manage risk by diversifying — spreading money among different kinds of investments that are not correlated to each other. Of course, diversification cannot guarantee a profit or protect your portfolio from losses.
Not Too Much but Not Too Little, Either
It can actually be risky to take too little risk. A person in their 20s, who puts all of their retirement savings into conservative investments isn’t at much risk of losing their money. But they may be at risk of running out of money when they retire because they weren’t able to accumulate enough to keep up with inflation.
A reliable way to manage risk is to choose a strategy and stick with it. This is as much a matter of managing your emotions as picking an asset allocation strategy that’s in line with your investment profile. Learning as much as you can about different investments and strategies definitely helps. If you’re just getting started, read up on the basics like 401(k)s and Individual Retirement Accounts. If you’re closer to retirement, you may want to learn how you can shift your investment mix and convert your assets into income. Either way, enjoy the ride.
Provided by Rashad Bilal, a financial representative with The Bilal Group LLC, courtesy of Massachusetts Mutual Life Insurance Company
The Dr. Betty Shabazz Delta Academy by Delta Sigma Theta Sorority, Inc. Westchester Alumnae Chapter hosted a book signing at the Doles Recreation Center Theater located in Mt. Vernon, New York. The first 100 youth participants received a complementary copy of “Betty Before X”. A fictionalized retelling of Betty Shabazz in her middle school years in Detroit. Ilyasah Shabazz daughter of Malcolm X and Dr. Betty Shabazz welcomed conversations with community impressionable Girls who were delighted to listen.
The book is set in 1940s, and applies the language of the time, including “Negro” and “colored.” It travels through Betty being raised Methodist by foster parents, Betty’s painful relationship with her mother and how her extended family and foster parents encouraged her puissance and principles. You will be able to follow along with a very young Betty as she encounters a lynching with a caregiver who tries to safeguard her from it. Racism and discrimination are strong content but seldom affect Betty directly in her loving community, she was resilient from small. “Betty Before X” is a must read.
Orphans sang about “A Hard Knock Life” while scrubbing floors and banging buckets. Dozens of residents from Mt. Vernon were entertained at the Doles Recreation Center Theater by young scholars from the Armani Public Charter School. The setting was an institution known as an orphanage to care of orphans.
A fifth grader Micah Whiteside who played one of The Orphans shared her experience. “Playing an orphan gave me an opportunity to decide what I want to be in life and to make the right choices. I actually want to have a career in the medical field plus master theatre at the same time.” Micah stated that the play Annie Jr. gave her the opportunity to think about what life was like as an orphan in the 1900s.
The play “Annie Jr.” was based on the original “Little Orphan Annie” with permission of The Tribune Media Services, Inc. produced and directed by Harvey Zuckerman. It is about an orphan in a facility run by Miss Hannigan who is depicted as mean and selfish. She was played by Shaiyanne Noisette who portrayed her part with the similar energy as the well known actress Carole Bernette when she sang “Little Girls”. A song about the girls in the orphan who are longing for love in particular Annie.
The plot thickens when a rich man named Oliver “Daddy” Warbucks decided to let an orphan live at his home to promote his image and Annie is selected. Annie, a red head with freckles believes that her parents left her with Misses Hannigan by mistake. Annie was starred by Jada-Cassidy James a 5th grader from Amani Public Charter School. Jada-Cassidy expresses that she thought Annie was really sassy in character. She shared with Black Westchester, “I practiced and I took care of myself in order for me to sing well.” When asked what does taking care of yourself meant Jada-Cassidy replies, “If you are drinking cold water it can ruin your throat and I made sure I wasn’t sick.” Eye-opening tips from a 5th grader who played a sassy role.
After intermission Annie gets accustomed to living in Warbucks’ mansion, but she still longs to meet her parents. Warbucks announced a search for Annie parents along with a monetary reward, which brings out many frauds. In comes, Miss Hannigan’s brother Rooster Hannigan. Rooster is a convict who escaped jail so he can rob his sister, but finds out about the reward for Annie and plots to abduct Annie and get the reward. Rooster was played by Ethan Williams who is graduating from the Armani Public Charter School. He inserted a clever Jamaican accent that caught the funny bone of the audience.
The props for this incredible performance was supplied by Music Theatre International which set the tone for students to dive into their characters. Black Westchester congratulates the performers, parents, and school staff for infusing our youth at the Armani Public Charter School.
Girls and Mothers from Westchester, Long Island, Brooklyn, Long Island, and Hudson Valley joined at Mt. Vernon Public Library Let Girls Learn Day with incitement. “Let Girls Learn Day is merely about believing that we as a community have to help our girls forge their way in the world,” shared Cynthia Turnquest-Jones. In 2015, Michelle Obama pioneered this initiative #letgirlslearn. She recognized that adolescent girls face multiple challenges in pursuing an education, Let Girls Learn employs a holistic approach to change the perception of the value of girls at the individual, community, and institutional levels; foster an enabling environment for adolescent girls’ education; and engage and equip girls to make life decisions and important contributions to society.
The vision is to expose girls to women of excellence. The mission is to make a ripple in the minds of impressionable girls who will become leaders of tomorrow. Cynthia shares that social media and television play a major role in shaping the minds of your young girls. “It is appalling to see how our Black and Brown sisters are portrayed. Let Girls Learn unmask the excellency in our community to our girls at arm’s length.” Cynthia hosted the first “Let Girls Learn Day” in 2017, partnering with Mount Vernon Public Library. Girls in grades 1-6 were invited to the library to engage with women from different careers and cultures who shared the importance of education and reading.
Celebrating Women is embedded in the month of May, organizations and Church’s create agendas where women in our communities are honored and noted for the modern-day Ester they portray. Cynthia was asked by the community director, Cathy Webb to add on another day for girls ages 13-17 to attend. “With our 13-17 year-olds, I pitched the idea to Cathy to incorporate a know your rights segment plus bullying conversations. Inviting honorable women from our community was not a challenge.” DD Wright is an author who captured poems about bullying. As an educator for over fifteen years, DD Wright captures the attention of our girls through written words and self-publishing over three books. Shawyn Patterson-Howard currently serves as the President and Chief Executive Officer of the YMCA of Yonkers where she continues to use her influence to serve the community. DJ Jazzy Joyce has been a pioneer in the game for over thirty years. She has witnessed the transition of Hip-Hop from its inception to the present day. As 13-year-old who was in clubs feeding the people music she understands the benefits of letting Girls Learn.
Cupcakes were provided by Cupcake Cutie Boutique, owned by Miesha Stokely and Montika Jones. Miesha attended college in Miami, studying to become a nurse she decided to make cupcakes in college and sell them while living in the dorms. This helped with the cost of books and extra spending money. After she graduated she shared her newly found passion with Mom. Baking together became a household culture and Mom started to become a part of the dream as well. Montika Jones was born and raised in the City of Mt. Vernon where she has served the community as a detective for thirteen years. Both joined the other women to share their experiences. Detective Montika Jones spoke to the Girls about “Knowing Their Rights.”
During the two-day workshop Girls from 100Sisters shared knowledge with one another about toxic ingredients in slime and earned Rhythm and Soul gifted tickets to attend the Universal Soul Circus. While listening to music by DJ Jazzy Joyce, Girls actively worked on a placemat with word puzzles and word scrambles, provided by The Social Butterfly. Priscilla Echi, founder of The Social Butterfly who has also been around music, and fashion for over 20 years joined Let Girls Learn for the second year. She deciphers that Let Girls Learn Day is embedded with teaching self-love, equating to a revolution. In the climate of being aware of police brutality and street brutality, Cynthia understands that it is important for the Girls to comprehend their rights. ACLU provided the “Know Your Rights” business cards for girls to place in their wallets and whistles were provided for them to carry in case of an emergency.
“Girls simply enjoyed themselves while learning and received love from adults who champion three words Let Girls Learn.” Cynthia Turnquest-Jones, founder Tha Brown Urban Mother Partnership
Mount Vernon Public Library welcomed Girls with open arms. Tha Brown Urban Mother Partnership captures “Let Girls Learn Day” through testimony from guests, girls, and photos.
Fabiola Gonçalves and her daughter Honoree journeyed across the Tapan Zee Bridge, made slime and addressed the mothers & daughters. Fabiola stated, “I am back in America from Morocco and was a part of the Michelle Obama #letgirlslearn initiative. What we did in Morocco was focus on Girls who are marginalized and started an American school that was out of the Casa Blanca region.”
“Let Girls Learn Day was an event that not only girls benefit from but women. To empower is to enable and inspire learning. Not only did my daughter learn but I did as well. I am certain the future was touched. The energy was the proof!” Author DD Wright
“I thought that it was an inspirational experience. I did like the experiments. I also learned that no matter what I can be my own person and no one can take my education away from me.” Kyra Ramsey, Student Brooklyn, NY
“It’s beautiful to see events like Let Girls Learn at our Mount Vernon Public Library. With leaders in our community like Cynthia and other women I am confident that our girls have role models to look up to and learn from.” -Malcolm Clarke, MVPL Trustee
“I loved Let Girls Learn Day because I learned about my rights in regards to police and about bullying and adult bullying. I thought it was really cool that I met an author and got to pick out a free book to add to my collection. Oh! I love the crafting jars that was cool too!” -Skylar, Student Performing and Visual Arts Magnet school in Mount Vernon, NY
“I like the books and that I got to meet an author and learn about police bullying and my rights from the detective.” -Mimi, Student at Performing and Visual Arts Magnet school in Mount Vernon, NY
“Let Girls Learn Day 2018 was by far one of the greatest experiences of my life! To see so many melanated girls, of various ages, family dynamics, financial situations, interests, and dreams, come together to have fun, learn and push the agenda that girls want to learn and when given adequate attention, thrive in whatever environment they are in, was an absolutely beautiful thing to witness. My daughter Usha, just 17 months of age, enjoyed herself thoroughly. And for me to place her in that setting, at that age, seeing a black girl as a DJ, a black girl as the host and organizer, and just surrounded by girls who look like her, is something that I’m certain she’ll cherish for years to come. I’m eagerly looking forward to attending Let Girls Learn Day in 2019 and beyond!” Author Sugar Ray
“I have always envied my mom for raising two very strong women in my sister and I. With that said I really tried to tap into everything my mother taught us before she passed away. Let Girls Learn embodies the empowerment my mother instilled in us that education would be the foundation for everything we would need to be successful in life. To watch teen girls really be engaged in what they were doing was and is inspiring.” Cathlin Gleason MVPL Trustee
“Auntie TJ had us making volcanoes out of lemons. This made me understand what a volcano may look like and what it does when it erupts.” -Isis, Student The Walt Disney School, Bronx, NY
“Mothers took time to bring their daughters out for Let Girls Learn Day. We were part of a greater movement of ensuring our Girls have a fair chance to become successful women.” -Felicia Barnes, Mother
“It was wonderful to see so many shades of beautiful and smart brown girls sharing a moment of intellect. I was amazed my some of the things they knew and how open they were to learn more. It put my mind at ease to know that these young ladies are the future and that they have a bright future ahead. I can’t wait to see what “Let Girls Learn” has in store for the coming years and where will Cynthia Turnquest-Jones has in store for all our brown-skinned girls. It is said, “If you educate a man, you educate one person. If you educate a woman, you educate a nation”. Let us continue to help let girls learn so our nation is unstoppable.” -Tanisha Burgess, Make-up Artist
MJB honors Simone for singing songs “about injustice, struggle, and Black life [that] resonate to this day”
Mary J. Blige delivered a heartfelt speech inducting Nina Simone into the Rock and Roll Hall of Fame. The Yonkers native has always felt a deep connection to the music of Nina Simone. In 2015, she recorded a jazzy, soulful cover of Simone’s “Don’t Let Me Be Misunderstood” for the compilation Nina Revisited and she was previously attached to portray the vocalist in a biopic, though the role eventually went to Zoe Saldana.
Before the casting switch, though, Blige explained why Simone was so important to her in an interview with Rolling Stone. “Playing a character like Nina Simone is playing myself,” she said, “because Nina Simone was a manic depressive, drug addict, alcoholic, cursing wild maniac that I was, but very talented, so people would get that.”
She underscored her bond with Simone during an emotional speech at the Rock and Roll Hall of Fame induction ceremony in Cleveland, where she did the honors of welcoming the late singer into the institution on Saturday. “I am such a huge Nina Simone fan,” Blige told Rolling Stone earlier this year, “and am beyond thrilled and honored to be a part of her Rock and Roll Hall of Fame induction.” Here’s what she had to say about Simone at the gala.
The lines on Leicester Street in Port Chester, New York were lengthy, as the rain and sleet did not suppress. Yet weather this did not dishearten family, friends, educators, politicians, school officials, and well-wishers. It is the “dash” of Byron Womack as the motive.
The Dash of Byron Womack represents all the time he spent on earth. April 2, 1969 dash February 20, 2018. He was described as a son, father, brother, educator, school counselor, and active member of Omega Psi Phi Fraternity. He encouraged many to be tenacious and persevere. He made everyone feel special. He was a modern-day activist. The Portchester Community was fortunate to have Mr. Womack as a part of their school network for over twenty years. Students were accompanied by their parents. Family members who experienced motivating conversations with Byron were on the line. A parent shared that she stood in line for 2 1/2 hours in the pouring rain because she wanted to relate the kind of son the mother of Byron, Shirley Womack had. “My son was diagnosed with Attention Deficit Disorder and Mr. Womack told me that ADD was not the definition of my son’s future.” She hugged Shirley and continued, “Thank You.” Today, there are a number of boys who are incarcerated and drop out of school because of being diagnosed but not accommodated with their disability. This was not the case for any student who was in the presence of Byron Womack.
It is during his dash that Byron understood his purpose as the son of an Entrepreneur. His dad, Willie Womack owned his own barbershop located in the South Windsor area of Connecticut. Mom and Dad instilled in Byron how to organize, operate a business, and take on greater-than-normal risks. Welcoming academic excellence was a part of his daily journey. But embracing students who had a challenging time was a part of his passion. He was an assistant principal at the middle school in Rye Brook Port Chester for eight years and was a guidance counselor prior to that. Byron’s personal mission corresponded with the vision at Port Chester Public Schools which focuses on preparing every student to be college and career-ready, while also academically and emotionally prepared to choose their own future.
Mr. Womack was recognized when he was given the 2017 Dr. Martin Luther King Jr. Commemoration Committee Humanitarian Award at a celebration of the civil rights icon. Mr. Womack exemplified a famous quote by Dr. King, “Every man must decide whether he will walk in the light of creative altruism or in the darkness of destructive selfishness.” The award recognized both Womack’s longstanding mission as a Shepard for children and his leadership in the Steer For Student Athletes program. Steer’s mission is to help youngsters grow both personally, academically, and, of course, as athletes. The nonprofit organization and its sponsor role models provide funding and services that help student-athletes make it through high school and prepare for college or jobs.
As a member of Omega Psi Phi, Fraternity Omicron Iota Chapter of Westchester County, Brother Byron exemplified Omega’s Cardinal Principles of Manhood, Scholarship, Perseverance, and Uplift and remaining active in the community through our Social Action initiatives. He was a champion of Education from an early age and hosted many scholarship brunch events with his daughter Carson Womack by his side. She became a huge part of Byron’s dash. The Scholarship Program is intended to promote academic excellence among undergraduate members. The Omega Psi Phi graduate chapter provides financial assistance to student members and non-members toward their journey of academic excellence.
As a graduate of Iona College Mr. Womack understood that playing sports was much more than just learning how to throw a football; it was about building character that framed the dash of his life. Those who experienced the sweet sweet spirit of Byron “BMackalicious” Womack will continue with filling their dash by carrying the torch of encouraging, motivating, being tenacious, and persevering. Byron Womack illustrated that it does not matter how much we own, but how we live and love in our dash.
Mount Vernon – Mount Vernon Mayor Richard W. Thomas was arrested and arraigned Monday morning on criminal charges, including grand larceny, as part of a corruption probe by the New York State Attorney General’s Office into campaign finance irregularities.
Mayor Thomas, the youngest City Councilman in Mount Vernon history who unseated Mayor Ernie Davis in 2015 to become the youngest mayor in of Mount Vernon. surrendered Monday morning at the Westchester County Department of Public Safety, accompanied by his lawyer.
Councilman in Mount Vernon history who unseated Mayor Ernie Davis in 2015 to become the youngest mayor in Mount Vernon. surrendered Monday morning at the Westchester County Department of Public Safety, accompanied by his lawyer.
‘The Allegations are not true,” Mayor Thomas, accompanied by his wife, attorney, a few clergy members, and supporters, said at the very brief press conference in front of Mount Vernon City Hall. “And I want to reassure the people of Mount Vernon that this has nothing to do with my service in office, as it relates to the campaign.”
Carl Bernstein, the Mayor’s attorney, echoed the mayor’s sentiments and stated they plan to vigorously contest all charges. “These charges relate to his campaign and have absolutely nothing to do with his performance as a mayor in Mount Vernon, where he has done an extraordinary job.” (see full press conference in video below – courtesy of Yonkers Voice).
Mayor Thomas was charged with third-degree grand larceny, a felony, and filing a false instrument. He is accused of stealing more than $12,000 from Friends of Richard Thomas, his campaign committee, and lying about it on his campaign finance filings. He is also accused of failing to report on his city ethics disclosure money he received from individuals and his inaugural committee, which he used to pay credit card bills for personal expenses. While innocent until proven guilty, Mayor Thomas could be forced out of office if convicted of a felony per the City Charter.
“Let us not forget, Mayor Thomas is innocent until proven guilty,” Councilman André Wallace, who has been one of the mayor’s strongest critics, shared with Black Westchester after the press conference. “We will have to sit back and let all the facts come out before rushing to judgment. It’s a sad day for Mount Vernon, but we must go about doing the business of the city and let this situation play out in court.”
At the suggestion of his lawyer, Mayor Thomas did not take questions at the press conference, nor did he address any of the criminal charges other than to say he expected to be fully vindicated.
The crowd was mixed with loyal die-hard supporters and family members, and many who felt the mayor should step down from office and let their voices be heard.
Sources tell us the New York State Attorney General’s Office will be holding its own press conference later in the day in Manhattan.
The judge ordered the mayor to surrender his passport. He is due back in court on May 1st.
Stay tuned to Black Westchester for more on this developing story.
***** Updated Monday, March 12, 2018, at 1:37 PM to include court documents below****
Thomas Accused of Stealing Campaign Funds, Establishing a Slush Fund for Personal Use from His Inaugural Fund, and Falsely Filing Disclosure Reports with the State Board of Elections and Mount Vernon Board of Ethics
MT. VERNON – Attorney General Eric T. Schneiderman and Comptroller Thomas P. DiNapoli announced thearrest of Mount Vernon Mayor Richard Thomas for allegedly stealing campaign funds and lying about money he diverted from his inaugural committee for personal benefit. Mr. Thomas was arrested on a felony complaint this morning after an investigation that exposed the theft of approximately $12,900 from his campaign committee, the diversion of over $45,000 from his inaugural committee for personal use, and his failure to disclose it.
“As we allege, Mayor Thomas used his campaign and inaugural accounts as personal piggybanks – part of a long-running scheme that began during his 2015 campaign and continued throughout his time in office,” said Attorney General Schneiderman. “As we detail in the felony complaint, Mayor Thomas treated these accounts as slush funds to pay off cars, dinners, and even a Chanel purse, and then lied about it in his filings. Public corruption strikes at the very heart of our democracy, and we’re committed to continuing to root it out across New York.”
“This official allegedly misused campaign funds and failed to report gifts,” State Comptroller DiNapoli said. “We will continue to fight public corruption wherever we find it.” (see press conference below, starts at 4:06 minutes into video)
The felony complaint filed with the Court today charges Thomas with one count of Grand Larceny in the Third Degree (a Class D felony); two counts of Offering a False Instrument for Filing in the First Degree (a Class E felony); and two counts of Offering a False Instrument for Filing in the Second Degree (a Class A misdemeanor).
The complaint details a scheme through which Thomas allegedly stole approximately $12,900 from his 2015 mayoral campaign committee, the Friends of Richard Thomas (“FORT”). After winning the mayoral election, Thomas established the Richard Thomas Inaugural Committee (“RTIC”), ostensibly to fund an inaugural celebration, but instead allegedly personally profited from RTIC by diverting over $45,000 for personal use and failing to disclose it.
An investigation further revealed that Thomas allegedly lied on his 2016 annual statement of financial disclosure with the City of Mount Vernon when he did not reveal that businesses controlled by an individual referred to in the felony complaint as “Individual 1,” as well as RTIC, paid Thomas’ personal American Express (“Amex”) bills. After his inauguration, Thomas appointed Individual 1 to a high-ranking position with a City agency that deals with public safety, although Individual 1 had no prior law enforcement experience. Additionally, and during the pendency of this investigation (which Thomas was made aware of in December 2016), Thomas allegedly lied on his 2017 annual statement of financial disclosure with the City when he did not reveal various sources of funding he received during the reporting period, including a tuition payment made to New York University on his behalf.
Theft from Campaign Committee and False Disclosures to the Board of Elections:
An analysis of Thomas’ personal and campaign committee bank accounts revealed that Thomas allegedly used FORT funds for personal use, stealing approximately $12,900.
Thomas claimed on campaign filings that two separate payments that he issued to himself from FORT, totaling $8,900, were “reimbursements.” An analysis of Thomas’ personal bank accounts, however, revealed that Thomas never laid out any money warranting reimbursement; instead, records of Thomas’ personal bank account show that Thomas was low on personal funds at the time he received the so-called “reimbursements” from FORT. He allegedly used that money for personal expenses, such as rent for his family residence, car loans, and a payment for three automobile insurance policies for two vehicles on which Thomas was listed as the owner, and another vehicle registered to one of Thomas’ relatives. Thomas also allegedly took an additional $4,000 payment from FORT, not disclosed to the New York State Board of Elections, that he used for personal expenditures.
As alleged in the complaint, not only did Thomas falsely report money he took as reimbursements to the NYSBOE, but he also falsely disclosed meals during a family vacation as campaign expenses. That includes a family breakfast at JFK Airport that Thomas listed on FORT’s NYSBOE 2016 January Periodic filing as a housekeeping expense for “food”; Thomas falsely listed the restaurant’s corporate address, 352 Park Avenue in Manhattan, on the disclosure as the place of expenditure. The complaint also alleges that Thomas falsely disclosed a meal at a Bubba Gump Shrimp Co. restaurant in Mexico during a family vacation; rather than truthfully disclosing that the expenditure took place in Mexico, Thomas falsely used the address of the Bubba Gump restaurant located in Times Square in Manhattan and falsely designated the meal as a “volunteer appreciation” event.
Inaugural Committee Slush Fund:
Thomas also allegedly diverted over $45,000 from his inaugural committee for personal use and failed to disclose it.
After taking office in January 2016, Thomas allegedly used funds from the RTIC account to pay the monthly balance on his and his wife’s personal Amex. In mid-January 2016, a payment for $8,538.16 was made from the RTIC account to Thomas’ Amex; included in those expenses were charges incurred for a family vacation to Mexico. In late February 2016, a payment for $6,000 was made from the RTIC account to the Thomas Amex; included in this balance was the purchase of a Chanel purse that cost more than $2,000. In both March 2016 and May 2016, two separate $5,000 payments were made from the RTIC account to Thomas’ Amex, totaling another $10,000. In October 2016, a payment of $5,320.99 was made from the RTIC account to Thomas’ Amex account; in November 2016, another payment of $2,993.18 was made; and in December 2016, another payment of $3,685.14 was made.
As alleged in the complaint, Thomas took pains to conceal an additional $14,000 payment he received from RTIC by having two close personal relatives receive payments from RTIC and then kick those payments back to Thomas. Each of the two relatives owned companies that received payments from RTIC, ostensibly for services rendered relating to events sponsored by RTIC. According to the complaint, after receiving the payments from RTIC, the relatives then quickly issued checks to Thomas for close to the full amount paid to them.
Additional Ethics Violations:
According to the complaint, prior to Thomas filing his 2017 annual statement of financial disclosure with the City, he learned of the existence of the Attorney General’s investigation. In the 2017 annual statement, Thomas disclosed the RTIC payments to his American Express account as a “loan” from RTIC. Thomas, however, failed to disclose a $10,000 gift he received from a private individual that he had used to pay back the supposed RTIC loan. Additionally, he failed to disclose a $6,000 “gift” he received from another individual who paid his NYU Stern School of Business tuition bill.
The investigation is ongoing. The charges are merely accusations, and the defendant is presumed innocent unless and until proven guilty in a court of law.
The Attorney General and Comptroller would like to thank the New York State Board of Elections Division of Election Law Enforcement.
The investigation was handled by Investigator Angel LaPorte, under the supervision of Supervising Investigator Sylvia Rivera and Deputy Chief Investigator John McManus. The Attorney General’s Investigations Bureau is led by Chief Investigator Dominick Zarrella. Assisting in the investigation and providing forensic auditing analysis was Forensic Auditor Alex Ozechowski, under the supervision of Deputy Chief Auditor Sandy Bizzarro. The Forensic Audit Section is led by Chief Auditor Edward J. Keegan Jr. Also assisting in the investigation were Analyst Katharine Litka and former analysts Mollie Krent and Morgan McCollum.
Assistant Attorney General Brian P. Weinberg, Special Counsel to the Public Integrity Bureau, oversaw the investigation and is prosecuting the case under the supervision of Public Integrity Bureau Chief Daniel G. Cort and Deputy Bureau Chief Stacy Aronowitz. The Attorney General’s Criminal Justice Division is led by Executive Deputy Attorney General Margaret Garnett.
The Comptroller’s investigation was conducted by his Division of Investigations.
Since 2011, Attorney General Schneiderman and Comptroller DiNapoli have worked together to fight corruption through their Joint Task Force on Public Integrity. They have brought charges against dozens of individuals implicated in public corruption schemes around the state, resulting in the return of over $11 million in restitution to taxpayers through these convictions.
According to the Council for Economic Education (CEE), which promotes economic and financial education in the classroom, students who have taken a class in personal finance are more likely to engage in financially responsible behaviors such as saving, budgeting, and investing. 1
Parents can insulate their kids from some of the biggest money management mistakes and build their financial literacy by talking openly about the value of money and the benefits of good financial decision-making.
To yield the biggest impact on kids’ money habits, however, the lessons imparted must be age-appropriate.
Elementary School: Saving by Example
Younger kids, for example, may not be ready for a lesson on compounded savings growth, but they can benefit greatly by watching their parents model good financial behavior.
At this age, it’s important, too, to demonstrate the value of money and sound money management.
That’s best done by giving them a dollar to purchase something at the mall, a yard sale, or at the movies. Let them see what they can get for a buck.
Elementary school kids can also begin to set financial goals.
When they receive birthday money from Grandma, or an allowance, encourage them to save the cash for something bigger they really want.
Show them how to compare prices at the grocery store and explain how different brands cost more for the same product.
Middle School and Money Management
As your children mature, you can start letting them experiment with the money they earn through babysitting, shoveling snow or an allowance.
Help them set up three accounts – one for their savings, one for spending money, and one (if you choose) for charity. And explain how interest works.
These are the years to help children establish good saving and spending habits, and help them manage impulse-buying control.
To help close the knowledge gap, continue to build financial literacy, and reinforce the lessons learned at home, look for activities or public events that help build money awareness.
High School Kids: Debt Awareness
High school and college-age kids are ready for more sophisticated lessons in money management.
That includes debt. Many of the best and brightest graduates get themselves in financial hot water by spending money they don’t have and burying themselves in high-interest credit card debt.
You can save your kids from a similar fate by explaining how interest rates work, and how those $300 designer sneakers cost much more if you pay with credit and make only the minimum monthly payments.
By paying $30 per month on a credit card that charges 18 percent interest, for example, that $300 would take 11 months to pay off and cost an additional $27 in interest.
Now is also the time to impress upon young adults the benefits of good financial choices – and the cost of poor decision-making.
Banks and other lenders rely on credit scores, a number that reflects your debt-to-income ratio and repayment history, to determine whether to issue borrowers a credit card or loans for a car or home mortgage. They also use it to determine what interest rate they should charge.
By making payments on time and keeping your debt to a minimum, consumers are far more likely to qualify for the most favorable, lowest-interest loans.
Finally, there’s nothing like a lesson in compounded growth to motivate your adult children to save for their future.
Teaching kids to save is merely aimed at giving them the tools to become smart consumers, use debt wisely, and put money away for their future.
1 MassMutual State of the American Family 2013 survey
Provided by Rashad Bilal, a financial representative with The Bilal Group LLC, courtesy of Massachusetts Mutual Life Insurance Company
