Breakdown of the Five Charges Levied Against COR Executives
Two executives of COR Development Co. in Syracuse, New York, Steven Aiello and Joseph Gerardi, are facing up to 20 years in prison each for five felony charges, according to court papers.
The executives are charged with conspiracy to commit honest services fraud, a charge that carries a possible sentence of 20 years in prison and a $250,000 fine. They are also charged with payments of bribes and gratuities.
The allegations against Aiello and Gerardi revolve around their involvement in a nanotech project, where they are accused of conspiring with Joseph Percoco, a former top aide to New York Governor Andrew Cuomo, to deprive the public of his honest service.
Court papers suggest that the solicitation for the nanotech project was tailored to make COR the only qualified respondent, and it was indeed the only company to submit a proposal.
Percoco is accused of conspiring with Alain Kaloyeros, president of SUNY Polytechnic Institute, and lobbyist Todd Howe to deceive Fort Schuyler for a nanotech project contract to go to COR Development. This meeting took place in U.S. Attorney Preet Bharara's office in Manhattan.
The executives are accused of paying bribes to Percoco in exchange for Percoco promoting COR Development's projects with the state. If convicted of this charge, they would each face up to 10 years in prison and a $250,000 fine.
Aiello and Gerardi are accused of paying Percoco $35,000 in bribes to push COR's construction projects through and secure a $9,000 raise for Aiello's son. After taking $35,000 in bribes from COR, Percoco is accused of reversing an adverse decision against the company made by the Empire State Development Corp. and securing a $5,700 raise for Aiello's son.
In addition, Aiello, Gerardi, and others are accused of conspiring to defraud Fort Schuyler Management Corp. by rigging the bidding process for taxpayer-funded development projects.
Aiello, Gerardi, and their lawyers met with federal prosecutors and FBI agents in June, denying bribing Percoco. However, court papers suggest that their stories did not appear credible.
No further details are available at this time regarding the corruption charges against Steven Aiello and Joseph Gerardi of COR Development Co. in Syracuse, New York. The case is ongoing, and more information may be released as the investigation continues.
The executives, Aiello and Gerardi, are charged with crimes related to politics and general-news, including conspiracy to commit honest services fraud and making payments of bribes and gratuities, which could lead to up to 20 years in prison for each of them. They are also alleged to have conspired with a former top aide to New York Governor Andrew Cuomo, Joseph Percoco, in a crime-and-justice scandal involving a nanotech project.
