Latest news with #Cappelletti
Mint
a day ago
- Business
- Mint
Failed Muni Bond Draws FBI and Sparks `Ponzi-Like Fraud' Claims
(Bloomberg) -- Before the lawsuits started piling up in courtrooms across Connecticut, before his employer accused him of running a 'massive Ponzi-like fraud,' and before the FBI showed up, Robert Cappelletti looked well on his way to pulling off one of the greatest muni-bond coups of all time. The plan Cappelletti had put together was so audacious it bordered on the fantastical. The housing agency he ran in Groton, a sleepy town of some 40,000 people along Connecticut's Thames River, would sell $750 million of bonds to jumpstart a $4 billion project to transform a bunch of run-down shopping plazas into a sprawling, up-scale development. There'd be a new train station, a hospital, almost 2,000 apartments and dozens of shops and restaurants. It would have been the biggest local bond issue in the state's history and expanded the tiny Groton agency far beyond its role managing two apartment complexes. And yet Cappelletti — a part-time employee with a mixed record running other housing agencies in the state — breezed through a series of crucial steps needed to complete the sale. He got approval from the five-person board that runs the agency; crafted a brief financial projections statement; scored an investment-grade bond rating; and started the process of lining up buyers for the debt. It was only when the bond sale collapsed this winter and Cappelletti was removed from office that the complex financial web that he had spun across Connecticut for years came to light. Cappelletti engaged in double-dealing, created shell companies and failed to disclose loans he took out, leaving, in the process, a trail of financial wreckage across the state, lawyers for the Groton agency alleged in the most high-profile case against him. In February, they sued Cappelletti for fraud, claiming he borrowed at least $3 million without the commission's knowledge through subsidiaries he controlled. In subsequent court documents, the authority alleged Cappelletti also took 'millions of dollars' from non-commercial lenders and other 'questionable entities' that were then transferred to others, including businesses owned by his brother, David, that received about $1 million. The housing authority's attorneys are working with the FBI, which is investigating, according to people familiar with the matter who asked not to be identified discussing internal matters. 'Everybody is disgusted,' said Ric Silver, who lives in an apartment in Pequot Village, a 104-unit complex managed by the authority. Cappelletti declined to comment through his attorney, Joseph Martini, who also declined to comment. Cappelletti's brother, David, who was named as a co-defendant in the suit last month, also declined to comment. On June 2, in court papers filed in connection with the Groton case, Ivan Ladd-Smith, another lawyer for Cappelletti, said he intends to deny the allegations. A press official for the FBI declined to comment. Robert Frink, the chair of the Groton Housing Authority, said the board has opened an investigation but is 'unable to go into greater detail at this time.' That Cappelletti drew so little scrutiny as he pushed ahead with the deal is a testament to the vulnerabilities in the vast network of government agencies struggling to provide affordable housing to low-income families across America. To finance new projects and try to address the housing crisis, the local agencies routinely sell municipal bonds, a loosely regulated corner of the securities market where deals are often just rubber-stamped. Many of the agencies have been plagued by mismanagement, poor oversight and corruption. Since 2023, prosecutors have brought bribery and fraud charges against housing authority officials in Ohio, North Carolina, Georgia, Pennsylvania, Illinois, Montana and New York, where 70 former and current New York City Housing Authority officials were ensnared in a historic case. In Connecticut, the events in Groton are drawing fresh scrutiny to the more than 100 independent housing agencies across the state, which only has enough affordable rental homes to meet the needs of about one-third of the lowest-income households. 'Until we fix the regulatory disconnect,' said Robert Boris, chair of Groton's economic development commission, 'bad actors will continue to exploit it and working families will continue to the pay the price.' Cappelletti, 58, has worked in public housing for two decades. A graduate of Assumption University, a Catholic school in Worcester, Massachusetts, he joined the housing authority in Stamford, Connecticut, in 2002 to run the city's Section 8 voucher program, according to his LinkedIn profile. In 2009, he became the executive director for the Meriden Housing Authority and five years later tacked on a similar part-time job for the Waterbury Housing Authority. Just before starting at Groton in 2016, he left the post in Waterbury. There, an investigation found he had used $56,653 of public funds to buy a Chevrolet Silverado for business and personal use even though he wasn't entitled to a vehicle, had slid someone onto the payroll without the agency's approval and allowed a contractor to live rent-free in an apartment managed by the agency in exchange for painting work. Cappelletti and Waterbury reached a separation agreement that included no admission of wrongdoing. The Groton job was a relatively modest one — mostly the oversight of 174 rental units — that Cappelletti could do while still running the agency in Meriden some 50 miles away. Cappelletti, though, envisioned much bigger things for Groton. A manufacturing hub just off the Long Island Sound, best known for its naval base, General Dynamics Corp.'s submarine factory and the sprawling research facility for the drugmaker Pfizer Inc., the town had a relatively strong economy. But that had left it with a shortage of affordable housing, and its main commercial corridor was lined with aging, strip-style retail. Cappelletti called his development project Groton 2030. It'd reserve 20% of the 1,925 apartments for lower-income residents, a key selling point to the authority's board, which approved the project in June 2023. Per the plan, Cappelletti would oversee the project himself through a development arm of the housing authority instead of hiring an experienced developer or soliciting bids. One of the housing agency commissioners who signed off on the plan, Joe Greene, soon had regrets. In an interview, Greene said he had reluctantly approved the bond during a last-minute video call but had doubts after asking for details. Cappelletti never presented a real business plan, Greene said, and the town had not received formal notice that one of its agencies was planning a massive bond sale. At odds with the rest of the board, Greene resigned that September. Two years later, he remains mystified by it all. 'I still don't know how you're going to pay off a $750 million bond in a five-year timespan when you don't own the property and when there was no business plan,' he said. 'People were amazed at the amount of money.' With the approval in hand, Cappelletti put the deal in motion. He had the Groton authority pay $25,000 to a New Jersey-based investment banker, according to a check register obtained under a freedom of information request. The authority also hired Connecticut law firm Pullman & Comley as bond counsel and obtained an 'A' rating from Egan-Jones based on a few financial projections it turned & Comley declined to comment. Eric Mandelbaum, general counsel for Egan-Jones, said the firm can't comment on particular transactions but 'stands behind its work and record, which are based on methodologies that are publicly available.' Related Story: A New Ratings Game: 3,000 Deals, 20 Analysts, Lots of Questions The sale bogged down after that. Month after month, its completion kept getting delayed. Then, in May 2024, it all started to unravel on Cappelletti when the Groton commissioners received subpoenas ordering them to travel across the state to provide sworn testimony. Months earlier, a lawsuit had been filed against Cappelletti's Meriden Housing Authority and a subsidiary, Maynard Road Corp., that had defaulted on a $16 million loan. The lender, Titan Capital, subpoenaed the Groton commissioners because Cappelletti had made $629,000 of loan repayments with funds pulled from their agency, not Meriden's. The Meriden agency is now on the hook for about $30 million — to repay the Titan loan with interest as well as $12.5 million owed to Citizens Bank for a project in Bristol, Connecticut. Back in a September 2023 board meeting, the Groton commissioners had asked Capelletti about the cash used to pay off Titan, which was recorded as an expense for the Groton 2030 project. They were assured they'd be reimbursed when the bond deal closed, minutes of the meeting show. But the Meriden lawsuit raised new questions, and when Groton commissioners started digging, they found that companies controlled by Cappelletti had bought properties in Winchester, Connecticut, and Fitchburg, Massachusetts to redevelop. Cappelletti also allegedly forged a resolution to approve $2.7 million of lease agreements for the authority, according to the February lawsuit filed by the Groton agency. 'This case involves the discovery of a massive Ponzi-like fraud,' lawyers for the agency said in a court filing. 'Over the course of at least seven years, Cappelletti accepted millions of dollars in funds from non-commercial lenders or other questionable entities.' In January, the agency suspended Cappelletti and canceled his contract. The FBI probe continues and the lawsuits are wending their way through Connecticut courts. 'Our focus now,' said Frink, the chair of the Groton Housing Authority, 'is to ensure a complete and fulsome investigation.' More stories like this are available on
Yahoo
a day ago
- Business
- Yahoo
Failed Muni Bond Draws FBI and Sparks `Ponzi-Like Fraud' Claims
(Bloomberg) -- Before the lawsuits started piling up in courtrooms across Connecticut, before his employer accused him of running a 'massive Ponzi-like fraud,' and before the FBI showed up, Robert Cappelletti looked well on his way to pulling off one of the greatest muni-bond coups of all time. Next Stop: Rancho Cucamonga! Where Public Transit Systems Are Bouncing Back Around the World ICE Moves to DNA-Test Families Targeted for Deportation with New Contract US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn Trump Said He Fired the National Portrait Gallery Director. She's Still There. The plan Cappelletti had put together was so audacious it bordered on the fantastical. The housing agency he ran in Groton, a sleepy town of some 40,000 people along Connecticut's Thames River, would sell $750 million of bonds to jumpstart a $4 billion project to transform a bunch of run-down shopping plazas into a sprawling, up-scale development. There'd be a new train station, a hospital, almost 2,000 apartments and dozens of shops and restaurants. It would have been the biggest local bond issue in the state's history and expanded the tiny Groton agency far beyond its role managing two apartment complexes. And yet Cappelletti — a part-time employee with a mixed record running other housing agencies in the state — breezed through a series of crucial steps needed to complete the sale. He got approval from the five-person board that runs the agency; crafted a brief financial projections statement; scored an investment-grade bond rating; and started the process of lining up buyers for the debt. It was only when the bond sale collapsed this winter and Cappelletti was removed from office that the complex financial web that he had spun across Connecticut for years came to light. Cappelletti engaged in double-dealing, created shell companies and failed to disclose loans he took out, leaving, in the process, a trail of financial wreckage across the state, lawyers for the Groton agency alleged in the most high-profile case against him. In February, they sued Cappelletti for fraud, claiming he borrowed at least $3 million without the commission's knowledge through subsidiaries he controlled. In subsequent court documents, the authority alleged Cappelletti also took 'millions of dollars' from non-commercial lenders and other 'questionable entities' that were then transferred to others, including businesses owned by his brother, David, that received about $1 million. The housing authority's attorneys are working with the FBI, which is investigating, according to people familiar with the matter who asked not to be identified discussing internal matters. 'Everybody is disgusted,' said Ric Silver, who lives in an apartment in Pequot Village, a 104-unit complex managed by the authority. Cappelletti declined to comment through his attorney, Joseph Martini, who also declined to comment. Cappelletti's brother, David, who was named as a co-defendant in the suit last month, also declined to comment. On June 2, in court papers filed in connection with the Groton case, Ivan Ladd-Smith, another lawyer for Cappelletti, said he intends to deny the allegations. A press official for the FBI declined to comment. Robert Frink, the chair of the Groton Housing Authority, said the board has opened an investigation but is 'unable to go into greater detail at this time.' That Cappelletti drew so little scrutiny as he pushed ahead with the deal is a testament to the vulnerabilities in the vast network of government agencies struggling to provide affordable housing to low-income families across America. To finance new projects and try to address the housing crisis, the local agencies routinely sell municipal bonds, a loosely regulated corner of the securities market where deals are often just rubber-stamped. Many of the agencies have been plagued by mismanagement, poor oversight and corruption. Since 2023, prosecutors have brought bribery and fraud charges against housing authority officials in Ohio, North Carolina, Georgia, Pennsylvania, Illinois, Montana and New York, where 70 former and current New York City Housing Authority officials were ensnared in a historic case. In Connecticut, the events in Groton are drawing fresh scrutiny to the more than 100 independent housing agencies across the state, which only has enough affordable rental homes to meet the needs of about one-third of the lowest-income households. 'Until we fix the regulatory disconnect,' said Robert Boris, chair of Groton's economic development commission, 'bad actors will continue to exploit it and working families will continue to the pay the price.' Cappelletti, 58, has worked in public housing for two decades. A graduate of Assumption University, a Catholic school in Worcester, Massachusetts, he joined the housing authority in Stamford, Connecticut, in 2002 to run the city's Section 8 voucher program, according to his LinkedIn profile. In 2009, he became the executive director for the Meriden Housing Authority and five years later tacked on a similar part-time job for the Waterbury Housing Authority. Just before starting at Groton in 2016, he left the post in Waterbury. There, an investigation found he had used $56,653 of public funds to buy a Chevrolet Silverado for business and personal use even though he wasn't entitled to a vehicle, had slid someone onto the payroll without the agency's approval and allowed a contractor to live rent-free in an apartment managed by the agency in exchange for painting work. Cappelletti and Waterbury reached a separation agreement that included no admission of wrongdoing. The Groton job was a relatively modest one — mostly the oversight of 174 rental units — that Cappelletti could do while still running the agency in Meriden some 50 miles away. Cappelletti, though, envisioned much bigger things for Groton. A manufacturing hub just off the Long Island Sound, best known for its naval base, General Dynamics Corp.'s submarine factory and the sprawling research facility for the drugmaker Pfizer Inc., the town had a relatively strong economy. But that had left it with a shortage of affordable housing, and its main commercial corridor was lined with aging, strip-style retail. Cappelletti called his development project Groton 2030. It'd reserve 20% of the 1,925 apartments for lower-income residents, a key selling point to the authority's board, which approved the project in June 2023. Per the plan, Cappelletti would oversee the project himself through a development arm of the housing authority instead of hiring an experienced developer or soliciting bids. One of the housing agency commissioners who signed off on the plan, Joe Greene, soon had regrets. In an interview, Greene said he had reluctantly approved the bond during a last-minute video call but had doubts after asking for details. Cappelletti never presented a real business plan, Greene said, and the town had not received formal notice that one of its agencies was planning a massive bond sale. At odds with the rest of the board, Greene resigned that September. Two years later, he remains mystified by it all. 'I still don't know how you're going to pay off a $750 million bond in a five-year timespan when you don't own the property and when there was no business plan,' he said. 'People were amazed at the amount of money.' With the approval in hand, Cappelletti put the deal in motion. He had the Groton authority pay $25,000 to a New Jersey-based investment banker, according to a check register obtained under a freedom of information request. The authority also hired Connecticut law firm Pullman & Comley as bond counsel and obtained an 'A' rating from Egan-Jones based on a few financial projections it turned & Comley declined to comment. Eric Mandelbaum, general counsel for Egan-Jones, said the firm can't comment on particular transactions but 'stands behind its work and record, which are based on methodologies that are publicly available.' Related Story: A New Ratings Game: 3,000 Deals, 20 Analysts, Lots of Questions The sale bogged down after that. Month after month, its completion kept getting delayed. Then, in May 2024, it all started to unravel on Cappelletti when the Groton commissioners received subpoenas ordering them to travel across the state to provide sworn testimony. Months earlier, a lawsuit had been filed against Cappelletti's Meriden Housing Authority and a subsidiary, Maynard Road Corp., that had defaulted on a $16 million loan. The lender, Titan Capital, subpoenaed the Groton commissioners because Cappelletti had made $629,000 of loan repayments with funds pulled from their agency, not Meriden's. The Meriden agency is now on the hook for about $30 million — to repay the Titan loan with interest as well as $12.5 million owed to Citizens Bank for a project in Bristol, Connecticut. Back in a September 2023 board meeting, the Groton commissioners had asked Capelletti about the cash used to pay off Titan, which was recorded as an expense for the Groton 2030 project. They were assured they'd be reimbursed when the bond deal closed, minutes of the meeting show. But the Meriden lawsuit raised new questions, and when Groton commissioners started digging, they found that companies controlled by Cappelletti had bought properties in Winchester, Connecticut, and Fitchburg, Massachusetts to redevelop. Cappelletti also allegedly forged a resolution to approve $2.7 million of lease agreements for the authority, according to the February lawsuit filed by the Groton agency. 'This case involves the discovery of a massive Ponzi-like fraud,' lawyers for the agency said in a court filing. 'Over the course of at least seven years, Cappelletti accepted millions of dollars in funds from non-commercial lenders or other questionable entities.' In January, the agency suspended Cappelletti and canceled his contract. The FBI probe continues and the lawsuits are wending their way through Connecticut courts. 'Our focus now,' said Frink, the chair of the Groton Housing Authority, 'is to ensure a complete and fulsome investigation.' Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling Is Elon Musk's Political Capital Spent? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To What Does Musk-Trump Split Mean for a 'Big, Beautiful Bill'? ©2025 Bloomberg L.P.
Yahoo
29-04-2025
- Health
- Yahoo
Pennsylvania lawmakers aim to expand and protect IVF access
This story first appeared in How We Care, a weekly newsletter by Spotlight PA featuring original reporting and perspectives on how we care for one another at all stages of life. Sign up for free here. HARRISBURG — Several Pennsylvania lawmakers who have personally faced challenges conceiving children are pushing to require health insurers to cover fertility services, and to also enshrine the right to the care in state law. The effort comes as advocates nationwide raise concerns about access to reproductive care such as in vitro fertilization — or IVF — and abortion. Lawmakers and advocates told Spotlight PA they were particularly alarmed by a 2024 Alabama Supreme Court ruling that found embryos have the same rights as children. The decision led to several fertility clinics in the state pausing IVF services to avoid being criminally charged if an embryo were damaged or destroyed during the procedure, in which an egg is fertilized outside the body. Alabama quickly enacted legislation giving IVF providers criminal and civil immunity, but congressional attempts to enshrine the right to the treatment have not advanced. Adam Hosey, policy director at Planned Parenthood Pennsylvania Advocates, the lobbying arm of the reproductive rights group, said that while there are currently no immediate threats to fertility care access in the commonwealth, the broader federal landscape remains uncertain. He said he supports state lawmakers' latest proposals. 'We just don't know what the Trump regime is going to be doing on a day-to-day basis,' Hosey said. While some of the measures, detailed below, have bipartisan support, lawmakers who chair key committees have remained silent on whether they would call the bills up for a vote. Title: Ensuring Insurance Coverage for Infertility for all Pennsylvanians Prime sponsor: State Sen. Amanda Cappelletti (D., Montgomery) Summary: This would mandate that nearly all medical insurance plans cover fertility treatments such as artificial insemination; the preservation of eggs, sperm, and embryos; and IVF. Insurance companies would also not be able to deny coverage based on a previous diagnosis relating to infertility, or based on a patient's gender identity or sexual orientation. Cappelletti said her struggles with miscarriages informed the bill. She noted that over a dozen states have enacted some form of fertility coverage, including all of Pennsylvania's neighbors. 'If you want to start a family, you get to decide when and how and what that looks like. We [should] all be able to do that, and that's really what this bill is aimed to do,' Cappelletti told Spotlight PA. Companion legislation to the bill has been introduced in the Pennsylvania House by Rep. La'Tasha Mayes (D., Allegheny). She and her partner used assisted reproductive technology to conceive their child last year. 'People are investing life savings into having children,' Mayes told Spotlight PA. 'IVF can be prohibitively expensive even if you have good insurance and a decent-paying job. It's criminal.' Cappelletti isn't the only state senator thinking about infertility treatment. Her colleague Lisa Boscola (D., Lehigh) is pushing a similar bill, and has been committed to the issue since as far back as 2009. Boscola also has faced personal difficulties with fertility: She had multiple miscarriages and an ectopic pregnancy when she and her husband were trying to have children. Her current bill would mandate that all health insurance policies that provide pregnancy-related benefits also cover infertility diagnoses and treatments. She said that given how expensive these treatments can be — one round of IVF can cost over $20,000 — it would be fair for employers and insurance companies to help with coverage. 'Men have Viagra, vasectomy reversals, testicular sperm clearage, but there's nothing for women who want to conceive,' Boscola told Spotlight PA. Her bill lists fewer procedures that insurance providers would have to cover compared to Cappelletti's proposal. It would only require, for instance, that three rounds of fertility treatment be covered. Boscola said that she limited the scope to work with insurance groups that have voiced concerns about the bill. Namely, she said insurers have told her that expanding coverage would raise premiums. 'I'm trying to get it passed,' Boscola told Spotlight PA. 'If I need to have some of this language in there, sure.' A spokesperson for Independence Blue Cross, one of the largest health insurers in Pennsylvania and a major lobbyist, did not respond to a request for comment about the organization's position on the bill. According to a 2021 survey of 254 employers commissioned by national infertility association RESOLVE, 97% of respondents that had offered infertility treatments had not experienced an increase in their medical costs as a result of providing coverage. Alise Powell, RESOLVE's director of government affairs, told Spotlight PA that insurance companies have been 'leading the charge' against such legislation in Pennsylvania. She said the lack of fertility insurance support could be pushing workers to leave the state. 'Pennsylvania is kind of an island,' Powell said. 'Some folks move to a state that has mandated IVF coverage in order to be able to access the care.' Cappelletti's and Boscola's bills first need to pass the state Senate's Banking and Insurance Committee. State Sen. Chris Gebhard (R., Lebanon), chair of the committee, did not respond to requests for comment on whether he would call the legislation up for a vote. The bills have the support of many Senate Democrats, including Minority Leader Jay Costa (D., Allegheny). Cappelletti's bill also has a Republican co-sponsor, state Sen. Tracy Pennycuick (R., Montgomery), a change from her previous versions. Cappelletti said the issue affects all Pennsylvanians, independent of political affiliation. 'This is a humanity issue, a health care issue,' Cappelletti said. 'I just hope that my Republican colleagues will see that, will hear from their constituents and understand how important this is … and that they will call this up for a vote because of that.' Title: Preserving Access to Reproductive Efforts – Non-Traditional Act – the PARENT Act Prime Sponsor: State Rep. Jen O'Mara (D., Delaware) Summary: This would prohibit the state of Pennsylvania from interfering with the use of assisted reproductive technology, which includes procedures such as IVF and the transfer of embryos, eggs, or sperm into the uterus. O'Mara told Spotlight PA that the genesis of the bill was a 'combination of personal experience and political realities.' She used IVF to conceive both of her kids, and said she has talked with many of her constituents about IVF and related treatments. O'Mara also pointed to the decision last year from Alabama's Supreme Court. Following that ruling, O'Mara said she felt 'a real fear that there could be a day and age in Pennsylvania' when such fertility treatments would not be protected. 'We decided to proactively put out this legislation to try and get ahead of that,' O'Mara said. This bill could become important, she said, if Pennsylvania lawmakers were ever to try and pass a bill limiting access to fertility treatments. It would offer fertility treatment providers and patients a legal pathway to challenge restrictions. The bill would first need to pass through the state House Health Committee, chaired by Rep. Dan Frankel (D., Allegheny). Frankel did not comment on whether he would call the bill up for a vote, but told Spotlight PA that he is a 'passionate' supporter of reproductive rights. 'While I certainly can understand the desire to protect IVF, we are lucky that at this point no threat related to IVF seems imminent at the state or federal level, and we have not seen the attacks on the procedure in Pennsylvania that other states have seen,' Frankel said in a statement to Spotlight PA. O'Mara said that she and her other co-sponsors also debated introducing the measure as a constitutional amendment. That would make the legal protections around fertility treatments stronger and harder to challenge, she said. However, the process of amending the Pennsylvania Constitution is more difficult: the legislature would need to pass the language in identical form in two consecutive legislative sessions before it could go to voters. 'It's a bigger lift to pass the [bill] two sessions in a row and it'll be harder to prevent amendments that are added,' O'Mara said. If you learned something from this article, pay it forward and contribute to Spotlight PA at Spotlight PA is funded by foundations and readers like you who are committed to accountability journalism that gets results. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Associated Press
18-04-2025
- Business
- Associated Press
The Grayson School Marks 10 Years Empowering Gifted Learners
State Officials honor The Grayson School on its 10th Anniversary 'I am filled with immense gratitude for everyone who has believed in our mission and for being such an active part of our Grayson community over the past ten years.'— Melissa Bilash RADNOR, PA, UNITED STATES, April 18, 2025 / / -- The Grayson School, a leading independent school dedicated to serving gifted students in the Philadelphia region, is proud to announce its 10th anniversary. This significant milestone was acknowledged with a special visit from Pennsylvania State Senator Amanda Cappelletti and Pennsylvania State Representative Lisa Borowski, who toured the school and commended its commitment to providing exceptional educational opportunities for gifted learners. Senator Cappelletti and Representative Borowski spent time engaging with students and faculty, witnessing firsthand the unique and enriching environment fostered at Grayson. They lauded the school's innovative approach to education and recognized the profound impact Grayson has had on the lives of its students and the wider community. 'I'm thrilled to have centers of education in my district that serve the various learning needs of the students in our communities,' said Senator Cappelletti. 'As The Grayson School celebrates their 10th anniversary, I wish them congratulations and look forward to providing continued support of their good work to serve our region.' The visit also served as an opportunity to celebrate Melissa Bilash, the visionary Founder and Head of School, for her unwavering dedication and leadership over the past decade. Senator Cappelletti and Representative Borowski specifically acknowledged Ms. Bilash's commitment to creating a school where gifted students can thrive both academically and socially. 'We are deeply honored by the visit and recognition from Senator Cappelletti and Representative Borowski,' said Melissa Bilash. 'Their support and understanding of the unique needs of gifted learners are invaluable. I am filled with immense gratitude for everyone who has believed in our mission and for being such an active part of our Grayson community over the past ten years. This strong commitment – from our dedicated faculty and staff to our engaged families and supportive community members – is truly what makes Grayson such an extraordinary place. Together, we'll continue to grow and innovate over the next ten years and beyond!' During this visit from state officials, Upper School students held a roundtable to share their independent research projects; Democratic Discourse students provided insights into both the hurdles and the triumphs in creating a public policy proposal, gaining valuable feedback on their work; and third grade students shared their study on comparing and contrasting different Native American nations and how location played an important role in their indigenous ways of life. The Grayson School opened its doors ten years ago for 12 students with a mission to provide a differentiated and challenging curriculum tailored to the specific learning needs of gifted children. Over the past decade, the school has grown into a vibrant and dynamic learning community of over 180 students, known for its innovative programs, passionate educators, and nurturing environment. This anniversary marks not only a decade of success but also a renewed commitment to the future. The Grayson School looks forward to continuing its mission of empowering gifted students to reach their full potential for many years to come. ### The Grayson School is an independent day school in the Philadelphia region exclusively serving gifted students in grades PreK-12. Founded in 2015, Grayson provides a challenging, supportive, and differentiated learning environment that fosters intellectual curiosity, creativity, and leadership skills. Guided by best practices in the field of gifted education, high-ability learners discover a setting where they can learn at a pace consistent with their abilities, collaborate with like-minded peers and explore their unlimited potential. As the only 'all gifted, all day' school of its kind within a 100-mile radius, Grayson also offers summer and enrichment classes open to the community. Nancy De Bellis The Grayson School +1 610-217-4345 email us here Visit us on social media: Facebook Instagram Legal Disclaimer: EIN Presswire provides this news content 'as is' without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
Yahoo
14-03-2025
- Business
- Yahoo
Court grants injunction in Groton Housing Authority lawsuit
New London — A New London Superior Court judge on Thursday granted a temporary injunction prohibiting the Groton Housing Authority's former director and property manager from acting on behalf of the authority and its affiliates. The housing authority's former Executive Director, Robert Cappelletti, and former Property Manager Jamie Lee are ordered to not take any action involving equipment, bank accounts and properties owned by the housing authority, its nonprofit Greater Groton Realty Corp., Northeast Redevelopment LLC. and Northeast Redevelopment Services. Cappelletti and Lee must disclose usernames, passwords, account numbers and pin numbers for associated accounts and computers by 4 p.m. March 21. They are prohibited from transferring, selling, purchasing or taking other action on assets owned by the housing authority, Greater Groton Realty Corp., and a number of limited liability companies. Judge Scott Chadwick granted the injunction after lawyers for the housing authority and Greater Groton Realty Corp., Cappelletti and Lee came to an agreement on the injunction. The stipulation states that neither Cappelletti nor Lee admits the allegations in the Verified Complaint or that grounds for an injunction exist." A password-protected copy of backup data from the desktop computer, email accounts, QuickBook and other accounts will be provided to the court. Judge Chadwick said a hearing will be held to receive the information and to potentially entertain a motion to seal it. Lee, attorneys for Cappelletti, Lee and the Groton Housing Authority, and Groton Housing Authority Board Chair Robert Frink and Vice Chair Nancy Codeanne would not comment Thursday after the court order. The lawsuit In January, Cappelletti was suspended as executive director of the Groton Housing Authority, which then ended its shared services agreement with the Meriden Housing Authority. Lee, who was placed on administrative leave, resigned from her position. The Groton Housing Authority and Greater Groton Realty Corp. filed a lawsuit on Feb. 21 accusing the two former employees and possibly others of denying "access to their computers, checking accounts, and financial records as part of what appears to be a substantial misappropriation or misuse of Housing Authority credit, cash, tangible assets and equity." The complaint alleges that Cappelletti had listed for sale, without authorization, property owned by the Greater Groton Realty Corp. in Winchester, which he had purchased without the knowledge of Greater Groton Realty Corp. and the Groton Housing Authority, and that Lee had refused to turn over records. The lawsuit accused them of breach of fiduciary duty, common law fraud, constructive trust, civil conspiracy and violation of the Connecticut Unfair Trade Practices Act. The lawsuit says Northeast Redevelopment LLC was created as a property development arm of the Groton Housing Authority. The lawsuit accuses Cappelletti of creating another limited liability company, Northeast Redevelopment Services LLC, to transfer or use "Northeast Redevelopment LLC assets for his personal gain. Among other allegations, the lawsuit accuses Cappelletti, who is listed as the Meriden Housing Authority executive director and secretary of its development nonprofit Maynard Road Corp., of using Groton Housing Authority funds to make payments to Titan Capital. Titan Capital gave a loan to the Maynard Road Corp. The lawsuit claims that Cappelletti executed a loan agreement on behalf of Northeast Redevelopment LLC. for equipment. He then leased some of the equipment to Maynard Road Corp. without consent of the bank, and the bank is pursuing a court action to recover the equipment and full payment of the defaulted loan. The lawsuit alleges that Cappelletti on behalf of Greater Groton Realty Corp. executed promissory loan notes to Maynard Road, though it is unclear if the funds were sent or if they were repaid, and authorized a $400,000 promissory note on behalf of Greater Groton Realty Corp. to Delta Absorbents. It says that $100,000 from a Pequot Village I & II and Grasso Gardens account was wired to Leasing Innovations Inc., and the relationship between the housing authority and Leasing is unclear. The lawsuit also alleges that Lee wired $56,000 to a person believed to be a relative of Cappelletti. The lawsuit further alleges that Cappelletti in 2019 purchased property in Fitchburg, Mass. for $1.4 million on behalf of Arden Ventures LLC., of which Lee and Cappelletti are members and which has the address of the Groton Housing Authority. He presented a development proposal for an apartment complex for which he said Greater Groton Realty Corp. would be the property manager and Northeast Redevelopment Services the developer. Greater Groton Realty Corp. did not authorize this. The complaint further claims that Lee and Cappelletti signed a consent of all directors on behalf of Greater Groton Realty Corp. that said the board approved purchasing the Fitchburg properties for $1.4 million, but neither Greater Groton nor Groton Housing Authority approved this. Town Manager John Burt said last month that the authority is investigating its finances and working with the Federal Bureau of Investigation. Groton Housing Authority Board Chair Robert Frink said in a statement last month that the housing authority retained Rose Kallor LLP, which has started an internal investigation, and also anticipates retaining a forensic accountant.
