Drake: Lengthening Town’s Debts Is Not In Our Interest

“In the last 12 budgets, we’ve appropriated the massive amount of $664 million to create improved infrastructure… We financed these projects either from cash reserves or with our successful borrowing policy of short maturities. Our general practice is to borrow over seven years: a one-year note rolled over to a second year, followed by a five year bond. The clear advantage of this approach is that the debt is rapidly retired.” – Bill Drake, Republican member of the BET Continue Reading →

Greenwich Man Pleads Guilty to Investment Fraud Scheme

Deirdre M. Daly, United States Attorney for the District of Connecticut - Greenwich Free Press

In mid-2013, a Greenwich man induced an acquaintance to invest money in a new business venture that was supposed to organize trade shows in the Ukraine. Instead of using the money to build the new business, he spent as much as $250,000 on unrelated business and personal expenses, including his home mortgage loan, groceries and clothing, automobiles, and private school tuition. Continue Reading →