New York City Mayor Bill de Blasio may as well be walking with a mop and bucket for all the mess attached to his administration as of late—whether it’s direct or indirect. On Wednesday morning [June 8], the head of the Correction Officers’ Benevolent Association in NY, Norman Seabrook, was snagged at his home for allegedly taking $20 million out of the union pension and investing it all in a hedge fund called Platinum Partners.
Once the profits came in, Seabrook would take a cut for himself —the bankroll would be well-packaged in a Ferragamo handbag.
Hey, at least Seabrook has decent taste, although the DA is ready to nail both Seabrook and Platinum Partners employee Murray Huberfeld to the wall.
Both men were charged with one count each of conspiracy to commit honest services wire fraud, and one count of honest services wire fraud, US Attorney Preet Bharara announced Wednesday afternoon.
“For a Ferragamo bag stuffed with $60,000 in cash, Seabrook allegedly sold himself and his duty to safeguard the retirement funds of his fellow correction officers. Norman Seabrook, as COBA’s president for over two decades, allegedly made decisions about how to invest the nest egg for thousands of hard-working public servants, based not on what was good for them, but on what was good for Norman Seabrook.”
Somebody snitched. That’s the gist of it all. But here’s the kicker: the cooperating witness, Jona S. Rechnitz, is a real estate developer who has raised money for Mayor de Blasio’s past campaign and his name is muddled all throughout the recent investigation of his administration.
Peep this too: The mayor’s re-election campaign has already been partially funded by Rechnitz’s ends and the de Blasio team plans on holding onto and spending every dollar—even now with all this swirling around. How crazy is that?
Rechnitz pled guilty to fraud conspiracy “in the hopes of obtaining leniency when he is sentenced,” according to the criminal complaint.
As for Seabrook, who knows? We’re wondering what the feds plan on doing with the 10 pairs of Ferragamo shoes they found at his crib though…
Seabrook was released yesterday (June 8) on $250,000 bond.
Photo: AP Photo/Bebeto Matthews