New & Notes from NYS Senator Joe Addabbo - 15th District

ADDABBO CO-SPONSORS BILL TO HELP SMALL BUSINESSES GET VENTURE CAPITAL FUNDING

NYS Senator Joseph P. Addabbo, Jr., (D-Queens) is pleased to announce that he is a co-sponsor of legislation (S.5587) introduced in the Senate by Senator James Alesi (R-Rochester) that would amend the state’s tax law to authorize the state to license six certified capital companies to raise $150 million in private venture capital from insurance companies in order to assist New York businesses that require funds not available from traditional commercial banks through all stages of development: pre-startup, start-up, expansion, or survival. In exchange for investing in qualified businesses, the insurance companies would get premium tax credits, with such issuance to be delayed four years. While the economic benefits of the program begin almost immediately, the delayed tax credits would have no fiscal impact to New York State until 2015.

In order to qualify for the tax credits, each certified capital company mustsatisfy a number of requirements in its investment portfolio, including:

• Two-thirds of its investment of certified capital must go towards qualified businesses located in under-served areas.
• Ten percent of its investment must be directed towards qualified seed funds, certified as such by the Superintendent of Financial Services.
• Fifty percent of its investments must go towards businesses focused on emerging technology products and services.
• No more than $15 million can be invested towards one individual company.

In addition, a certified capital company under CAPCO-6 would be required to return 15 percent of its net profits on qualified investments to the Department of Financial Services. This legislation also adds to the reporting requirements already present in previous CAPCO programs to ensure compliance with the requirements set forth above.

New York State last renewed its CAPCO program in 2005. The NY CAPCO was created by the Assembly over a decade ago to utilize a premium tax credit incentive to increase investment in venture capital funds focused exclusively on New York businesses. New York insurance companies can earn tax credits by making investments in small companies that have difficulty accessing traditional funding sources. Since 1998, five CAPCO programs have been certified. Through these five programs, $400 million of private capital has been raised, and the investment from these funds has created or retained over 2,000 jobs and will generate $412 million in tax revenue by 2016. Says Addabbo, “It’s a win-win for both small business owners and investors. Our current economic climate makes getting risk capital for small businesses extremely challenging. As elected officials, we must make every effort to help our small businesses.”

The bill has been sent for review to the Senate’s Committee on Investigations and Government Operations. After passage and signature by the Governor, the bill would take effect immediately.

ADDABBO SUPPORTS BILL THAT WOULD MAKE HOME INVASION ROBBERY NEW CRIMINAL OFFENSES

NYS Senator Joseph P. Addabbo, Jr., announced that the Senate has passed a bill (S.3205) that would amend the penal law in order to establish the new criminal offenses of home invasion robbery, which takes place when a robbery occurs, and offenders threaten physical force.

The bill elevates the crime of robbery if the robbery occurs in someone's home, and

1) a person is guilty of home invasion robbery in the 2nd degree (a class C felony) and is aided by another perpetrator; and

2) a person is guilty of home invasion robbery in the 1st degree (a class B felony) when he or she, in the course of such a robbery: a) causes physical injury upon an occupant of the home; b) is armed with a deadly weapon; c) uses or threatens to use a dangerous instrument; or d) displays or appears to display an actual firearm capable of producing death or serious injury.

Explains Addabbo, "Incidents of home invasion robbery have been increasing in New York State and could happen in any community. They are not to be mistaken for burglaries, which usually occur when the homeowner is away. Home invasion robberies feature confronting homeowners as key elements of the perpetrator’s attacks, directly with force, false pretense or impersonation, then restrain the victims to steal the home's contents. This kind of crime needs an increased penalty and enforcement to assist in ensuring the safety of our residents."

This bill is currently being reviewed in the Codes Committee.

ADDABBO STATEMENT ON ETHICS REFORM BILL: THE PUBLIC INTEGRITY REFORM ACT OF 2011

NYS Senator Joseph Addabbo, Jr., (D-Queens) released the following statement on the ethics reform bill passed yesterday:

The Public Integrity Reform Act of 2011 is a step in the right direction for ethics reform in Albany and towards restoring faith and public trust in our government. After advocating for ethics and campaign reform ever since I was elected to the Senate, I believe this is a good initial bill, but I know we can do more in the state legislature. Since the ethics issue is one that has traditionally plagued our state government, I will continue to promote the need for improved campaign finance reform and independent redistricting to create a more transparent and equitable government for the people of this state.

This ethics reform bill only allows for penalizing the state pensions for future elected officials convicted of crimes related to their government role. This bill should have included current elected officials in this category.

Did the desperate need for ethics reform set the standard so low that any bill, no matter how mediocre, would have been an improvement? Only time will tell with the implementation of the this Public Integrity Reform Act of 2011.

Cops Collar Two Serial Bank Robbers in Queens by Jamie Schram and Candice M. Giove - NYPOST.com

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These bandits weren’t fooling anybody.

Queens anti-crime cops arrested a team of serial bank robbers after becoming suspicious when a woman and a man entered a financial institution yesterday afternoon — wearing hoodies over their heads despite the blazing heat.

Police later recovered wigs, costumes and sunglasses from the group’s getaway car — not to mention handwritten notes demanding money and more than $10,000 in cash, polices sources said.

Two plainclothes cops first noticed Careather Williams, 32, and Dwight Washington, 28, both of Brooklyn, entering the Queens County Savings Bank in Fresh Meadows around 12:30 p.m. with their sweatshirt hoods over their heads, sources said.

When the pair came out of the bank, they headed straight for their getaway car — a Toyota Camry parking on the corner of 64th Avenue and 188th Street with its engine running, sources said. Inside was alleged getaway driver Ibn Abdul Mohammed, 24, and another cohort, Lashawn Solomon, 18, sources said.

The plainclothes cops moved in and arrested the four.

The suspects are believed to also have pulled off multiple bank heists on Long Island, sources said.

They were charged with robbery and criminal possession of stolen property in the Queens heist.

Robbery at Capital One Bank in Howard Beach - Queens Chronicle

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Police placed tape around Capital One Bank in Howard Beach after a robbery last Wednesday afternoon.

An unidentified white male made off with $620 in cash after robbing Capital One Bank on Crossbay Boulevard last Wednesday, police said.

According to accounts, the suspect passed a note through a bank teller’s window shortly before 2 p.m. The teller gave him the money and he escaped. Upon seeing the man drive off recklessly, a woman in the parking lot called 911 and reported his license plate information and a description of his vehicle.

The suspect is described as 5-feet-9 to 5-feet-10 and wearing a hat pulled down over his face.

Glendale Bank Held Up For Second Time In Two Weeks - Crook Shows A Note To Cash In by Robert Pozarycki - Times Newsweekly

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For the second time this month, a Glendale bank branch has been held up by a note-carrying bandit, police reported.

Officers from the 104th Precinct secure the Capital One bank located at the corner of Myrtle Avenue and Woodhaven Boulevard in Glendale following a bank heist last Saturday, June 13. It was the second time this month that the branch was held up by a note carrying crook, according to police. (photo: Allen Epstein)

Law enforcement sources said a man swiped about $1,000 in cash from the Capital One bank located at 83-24 Woodhaven Blvd. at around 10 a.m. last Saturday morning, June 13.

Nearly two weeks earlier, police noted, the same branch was held up by a thief who used a demand note to gain a sum of money on the morning of Tuesday, June 2.

As reported in last week's issue of the Times Newsweekly, the suspect in that caper is believed to be linked to the June 5 robbery of the Chase bank branch located at 96-19 101st Ave. in Ozone Park.

Police sources could not immediately confirm a link between last Saturday's heist in Glendale to the two previous holdups.

Regarding last Saturday's caper, authorities said the suspect entered the Capital One branch located at the corner of Myrtle Avenue and Woodhaven Boulevard at around 10 a.m.

Upon arriving at the counter, police said, the suspect handed a teller a note demanding cash. After the employee complied with his request, it was reported, the perpetrator fled from the scene northbound on Woodhaven Boulevard.

Members of the 104th Precinct responded to the scene. No injuries were reported.

Various police units canvassed the surrounding area for the suspect involved. Despite their efforts, police said, no immediate arrests were made.

The suspect behind the heist was described by law enforcement sources as an African-American male standing 6' tall and weighing about 200 pounds.

An ongoing investigation is being conducted by the Major Case Squad and the Joint Bank Robbery Task Force, police said.

Anyone with any information regarding the heist that could prove helpful is asked to call Crime Stoppers at 1-800-577-TIPS.

Information may also be submitted to Crime Stoppers by text message to 274637 (followed by the code TIP577) or online at www.nypdcrimestoppers.com.

All calls and messages will be kept confidential.

Robbers Of Queens Catholic Schools At Large - NY1

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Police searched Saturday (2/14) for whoever pulled off a series of burglaries at some Catholic schools in Queens over December and January.

Police say the spree began in December at Our Lady of Grace School in Howard Beach, which was hit again last month. St. Helen in Howard Beach, Our Lady of Lourdes in Queens Village and Holy Family High School in Hillcrest have also been burglarized.

In each case, police say at least one person breaks into the empty schools through a window or door and heads to the administrative offices.

In three of the five incidents, an unknown amount of cash was stolen.

The most recent burglaries happened within hours of each other Tuesday (2/10) at Our Lady of Lourdes and Holy Family.

"I think it's horrible. Catholic schools and all schools are supposed to be a safe place where children go to learn and stuff and shouldn't have to deal with robberies," said Holy Family student Patrick Mene.

"Well, it's a terrible thing. Why would you steal from a Catholic school, any school? I mean, children try to learn there, you're stealing from children," said Holy Family student Matthew Powers.

"I think it's awful because it's a place of God. People should not come in and do that," said resident Gladys Osse.

With many schools being closed this week for recess, police say the schools are even more vulnerable to thieves.

Anyone with information on the case should contact the Crime Stoppers hotline at 1-800-577-TIPS, or text CRIMES and then enter TIP577, or visit www.nypdcrimestoppers.com.

Robberies Up in 102nd Precinct by Stephen J. Bronner - Queens Courier

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People need to watch their belongings, warned Captain Charles McEvoy of the 102nd Precinct, as there has been an upswing in robberies in the area.

The officer, who addressed the crowd at the most recent meeting of the Richmond Hill Block Association (RHBA), said that there was an increase in youth-on-youth robberies, not necessarily involving Richmond Hill High School.

Grand theft auto went down, and the precinct is doing well with burglaries, McEvoy reported, but cautioned, “Grand larceny is plaguing the 102nd Precinct.”

Residents especially need to watch their possessions in cars, McEvoy said, because of a string of car break-ins. The officer gave the example of a woman going to the supermarket. If she needs to go back into the store for one more thing, she should take her pocketbook with her. Leaving it in the car would up the risk of a robber smashing the window and running off with the bag. “Don’t leave it in your car,” he said.

Identity theft has also become a big concern. “It’s the crime of the time,” McEvoy said. “Never ever give your Social Security number to anyone.”

The poor economy also leads people to steal, he warned. Robbers would snatch a credit card just to fill up their gas tanks, the Captain said. “You’ve got to be extra careful of your cards.”