COBA Union Heads and Others Accused of Fiduciary Misconduct and Racketeering in Platinum Partners Investment Scheme – Says Lawsuit Filed by Newman Ferrara and Seelig Law

NEW YORK, Oct 31, 2016 (BUSINESS WIRE) —
Newman Ferrara LLP (
and Seelig Law Offices, LLC (
announced today that the firms filed a lawsuit on behalf of active and
retired correction officers against the Correction Officers Benevolent
Association (COBA) Executive Board, its indicted former President Norman
Seabrook and others in the United States District Court for the Southern
District of New York.

According to the complaint, styled as a derivative lawsuit on behalf of
certain COBA benefit plans, Seabrook and other plan fiduciaries breached
their duty to properly oversee and manage the plans for the benefit of
COBA’s members which resulted in the loss of tens of millions of dollars
of plan assets. In addition, the complaint charges that Seabrook, who
has been indicted for taking kick-backs, conspired with others,
including the principals of the now-disgraced hedge fund Platinum
Partners, to invest millions of COBA’s assets in what appears to be a
Ponzi scheme run by Platinum Partners. The complaint charges defendants
with violations of the federal Racketeer Influenced and Corrupt
Organizations Act (RICO) as well as various state law claims.

Newman Ferrara partner Jeffrey Norton said of the lawsuit, “it is both
ironic and shameful that while 9000 COBA correction officers dedicate
their lives to maintaining order within the City’s jails, Seabrook and
those were entrusted to protect the membership’s benefits
criminally-conspired to misuse and enrich themselves with union funds.”

Attorney Phil Seelig, who himself was former president of COBA for 14
years, stated that, “the union’s Executive Board turned a deaf ear, a
blind eye, and remained mute to the reckless conduct of Seabrook so they
could continue to enjoy the gifts and other benefits of being in
Seabrook’s trusted camp.” Seelig added, “we intend to claw back the
millions of dollars believed lost and return the money to the hard
working officers that were victims of a corrupt union leadership.”

Those seeking a copy of the complaint or more information about this
case may contact attorneys Phil Seelig at (212) 766-0600, or Jeffrey
Norton at (212) 619-5400.

Newman Ferrara maintains a diverse New York practice with attorneys
specializing in complex commercial and multi-party litigation with an
emphasis on securities and shareholder litigation, consumer protection,
civil rights, and real estate. For more information, please visit the
firm website at

Seelig Law Offices is a full-service New York City law firm assisting
clients with an array of services, including Social Security disability,
disability pensions, civil service matters, discrimination matters,
personal injury, and employment law. For more information, please visit
the firm website at

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SOURCE: Newman Ferrara LLP”>
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Seelig Law Offices, LLC
Philip Seelig, 212-766-0600
Ferrara LLP
Jeffrey M. Norton, 212-619-5400

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