Friday, February 19, 2010

A U.S. federal judge upheld the expulsion of former New York State Senator Hiram Monserrate from the New York State Senate in a ruling on Friday. Monserrate had been found guilty in October of misdemeanor assault, in the criminal trial involving an alleged attack on his girlfriend Karla Giraldo.

Monserrate was expelled from the New York State Senate last week by a majority vote of his fellow senators. The result of the vote was 53 to 8 in favor of expulsion.

Federal judge William H. Pauley III denied a request to temporarily block the expulsion. A lawsuit had been filed by Monserrate, which had asked for a reversal of the former Senator’s explusion and in addition sought a block on a March 16 special election for a replacement.

The New York Civil Liberties Union supported Monserrate in the case. The former Senator argued that the act of being expelled from the Senate was not appropriate, as he claimed it violated due process.

Judge Pauley ruled, “the question of who should represent the 13th Senatorial District is one for the voters, not for this court.” The judge explained that the voting rights of the citizens of the district formerly represented by Monserrate would not be significantly negatively impacted, due to the proximity of the upcoming special election. Monserrate has stated that he will run in the special election, and he is not prohibited from doing so.

The court’s ruling determined that the expulsion by the New York State Senate was not inappropriate, stating, “the power of a body to determine the fitness of its members is embedded in American democracy.” Judge Pauley noted, “Similar processes to discipline have long existed in deliberative bodies at all levels of government.”

New York State Attorney General Andrew Cuomo issued a statement in support of the judge’s ruling. “We are gratified that the Court has confirmed our position that the Senate had the authority to expel Mr. Monserrate,” said the Attorney General. According to The New York Times, Monserrate was expected to appeal the ruling of the court.

Monserrate’s misdemeanor assault conviction pertained to an incident where he dragged his girlfriend through the lobby while exiting his apartment building. He was acquitted by a judge of charges of felony assault. Felony conviction would have resulted in an immediate expulsion from the New York State Senate.

Monserrate is the first politician to be expelled from the New York State Senate in almost a century. He is a former New York City police officer. Prior to becoming a member of the New York State Senate, he was a city councilman. He became a member of the New York State Senate weeks after the alleged conflict with Giraldo, and was made chair of the committee overseeing consumer affairs. Along with Democrat Pedro Espada Jr., Monserrate started a shift in control of the Senate by aligning with the Republican Party.

Friday, March 20, 2009

The owner of a New Jersey real estate investment firm has been charged with using $2 million of his company’s money for construction at his home and other projects not related to work.

Gary Klein, owner of the Asbury Park-based REI Group Inc., surrendered himself to police after a Monmouth County grand jury indicted him on one count of theft by deception charges.

The charges were the result of a three-year investigation into his practices. Klein, 45, of Colts Neck Township, faces up to 10 years in state prison if convicted. Klein was released Friday after posting $75,000 bail.

Klein attracted clients by telling them he would invest their money in projects that would result in returns of 12 and 85 percent. Prosecutors said the actions mirrored those of a Ponzi scheme.

Robert Weir, Klein’s attorney, said the operation was not a Ponzi scheme, but legitimate business investments that went bad as the economy declined. Weir also said Klein hired a receiver to try and return the investors’ money once the investments started to go sour.

“It’s a shame that a business that experienced a turn in the real estate market is now being treated as a criminal problem. That was not Mr. Klein’s intent,” Weir said to The Star-Ledger.

Weir said the investments were used for building rehabilitation projects in Asbury Park and the construction of Florida condominium complexes, but authorities said Klein used the money to repay earlier investors who were cashing out, as well to help build his own home.

Wednesday, October 31, 2007

Another record has been set in crude oil prices. The price of oil soared past US$94.00 a barrel. New York Mercantile Exchange (NYMEX) crude oil for December delivery closed at US$94.23 per barrel, after peaking at $94.74, the highest price on record. In after hours trading futures have crossed over the $95.00 per barrel mark.

On the IntercontinentalExchange (ICE), December Brent Crude also rose to a record $90.63 after touching an all-time high of $90.94 with current futures are trading at over $91.00 a barrel.

Today’s rise is said to be mainly caused by the United States Department of Energy‘s inventory report that showed an unexpected drop in crude oil stockpiles. Last week, U.S. stockpiles were down nearly four million barrels of oil.

Tropical Storm Noel is also believed to be a cause of rising prices. Because of the storm, one-fifth of Mexico’s oil production was suspended while the storm passed, but production is expected to resume by the end of today.