Finance

NYS public-campaign-finance fraud exposes state board’s utter incompetence

Published

1 year ago

July 6, 2024

NYS public-campaign-finance fraud exposes state board’s utter incompetence

New York state’s new public-campaign-funding scheme couldn’t be more ripe for fraud and abuse.

In the lead-up to the June 25 primaries, the state’s Public Campaign Finance Board doled out more than $8.6 million in matching-fund payments to 69 state legislative candidates — with no real guardrails to prevent shady candidates from ripping off the taxpayers.

The board looks to be as feckless as the Cannabis Control Board, which not-so-coincidentally was also launched under Gov. Andrew Cuomo.

In a fit of responsible local journalism, The New York Times has chronicled, how Dao Yin, a Flushing Democrat who filed to run for state Assembly, apparently used straw donors to scam the system out of $162,800 in taxpayer-financed matching funds.

Naturally, New York funds the most generous statewide public-matching-funds system in the nation: A single $50 donation nets $600 in public funds while a maximum $250 contribution garners $1,800.

For contributions between $5 and $250 from legislative district residents, the public match is 12-to-1 for first $50, 9-to-1 for next $100 and 8-to-1 for the following $100.

And the board’s “oversight” doesn’t seem to go much beyond sending out the checks.

The Times’ review of Yin’s contribution cards found a host of red flags:

At least 48 alleged donors who said they never heard of Yin denied making the alleged contributions and said their signatures were forged; some said they no longer resided at the addresses listed.

Almost $28,000 in cash coming from small donors.

Most of his his donations, 80%, came in cash — about 15 times the average cash share of contributions for Assembly candidates participating in the system.

Multiple “donor” records missing key required contact information or with other errors.

Dao Yin was the campaign treasurer, chief fundraiser and candidate.

The board liaison to the Yin campaign missed all of this — and took Yin’s word that he sent so-called “good-faith” letters to validate questionable donors.

To be fair, the city Campaign Finance Board may have been as lax: For his 2020 borough president and 2021 City Council campaigns, he got over $1 million in city matching funds.

(The city board also needs to complete its 2023 City Council campaign audits, too, as the 2025 election season is upon us.)

The state idiocy was baked in from the start:

An April 2018 Siena poll found that nearly two-thirds of New York voters opposed public funding of state elections when told it would cost an estimated $100 million every two years — at least.

But Cuomo and the Legislature went ahead anyway, creating a commission to devise the system in March 2019.

They stacked it with political operatives, such as election lawyer and former de Blasio fixer Henry Berger and state Democratic Party boss Jay Jacobs — for whom Cuomo suspended a state regulation that prevented political party bosses from serving in “policy making” posts in state government.

Today, the PCFB chair and vice chair are former state lawmakers Barbara Lifton (D) and Brian Kolb (R): That is, bipartisan patronage posts.

But the geniuses also left basic guardrails missing, such as:

Mandatory post-election audits of every campaign.

Sufficient staff to review and monitor campaign filings.

The board has no independent subpoena power to pursue rogue campaigns.

Hundreds of millions of dollars in taxpayer money for political appointees to dole out is a magnet for the corrupt.

The state program is a boon for incumbent lawmakers and their unscrupulous challengers — and another needless drain on taxpayers’ wallets.

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Finance

Simply Asset Finance reaches $2.6bn loan origination milestone in 2025

Published

12 hours ago

December 15, 2025

Press Room

Simply Asset Finance reaches .6bn loan origination milestone in 2025

Improvements in the company’s own technology and stronger results in various regions contributed to increased efficiency in lending operations. Credit: Kunakorn Rassadornyindee / Shutterstock.com.

Simply Asset Finance has reported that its total loan origination reached £2bn ($2.6bn) in 2025, following its growth and lending activity during the period.

During 2025, the company’s gross loan book increased to £543m and its customer base grew to 13,000.

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Additional digital platforms came online, and commercial loans were added to the range of available finance solutions.

Improvements in the company’s own technology and stronger results in various regions contributed to increased efficiency in lending operations and a broader local presence for SME clients.

In July, Simply Asset Finance introduced Kara, an AI-powered virtual agent.

Kara uses the company’s past data to enhance user interactions, streamline internal processes, and speed up decisions on lending applications.

Simply Asset Finance CEO Mike Randall said: “Our growth this year has built on the momentum of 2024, and reaching £2bn is a clear milestone for the business. All our channels have driven that progress, with rising demand for specialist lending helping us expand our footprint and support even more SMEs across the UK.

“Despite a year of challenging economic conditions, small businesses have remained resilient and ready to invest. Kara has been central to meeting demand quickly and efficiently –  and we expect her value to our customers will only grow.

“As we head into 2026, we’re focused on carrying this momentum forward and working with even more brilliant businesses to unlock their potential.”

Last month, Simply Asset Finance became a Patron lender of the National Association of Commercial Finance Brokers (NACFB).

This partnership is aimed at supporting the broker community in the UK and increasing access to asset finance and leasing products through wider distribution.

The NACFB is known as an independent UK trade association for commercial finance intermediaries, promoting cooperation between lenders and brokers across the sector.

Finance

Baker McKenzie Welcomes Finance & Projects Principal Matthias Schemuth in Singapore | Newsroom | Baker McKenzie

Published

24 hours ago

December 14, 2025

Press Room

Baker McKenzie Welcomes Finance & Projects Principal Matthias Schemuth in Singapore | Newsroom | Baker McKenzie

Baker McKenzie today announced that leading project finance lawyer Matthias Schemuth has joined the Firm’s Singapore office* as a Principal and Asia Pacific Co-Head of Projects in its Finance & Projects practice, alongside Partner Jon Ornolffson in Tokyo.

Matthias joins the Firm from DLA Piper, bringing more than 20 years of experience in the energy and infrastructure sectors across Asia Pacific. He advises sponsors, developers, commercial banks, multilateral lending agencies, and export credit agencies on the structuring and financing of large-scale projects. His practice also spans international banking, structured commodity and trade finance, with a strong focus on emerging markets. Matthias has been consistently recognised by Chambers Asia Pacific and Who’s Who Legal as a leading project finance practitioner.

James Huang, Managing Principal of Baker McKenzie Wong & Leow in Singapore, said: “We are excited to welcome Matthias to our team. His expertise and proven record in managing teams will be invaluable as we expand our regional and global finance offerings for clients.”

Emmanuel Hadjidakis, Asia Pacific Chair of Baker McKenzie’s Banking & Finance Practice, commented: “Asia Pacific is seeing strong momentum in infrastructure development, energy transition investments, and cross-border project financing, much of it centred in Singapore. Having Matthias on board will further enhance our ability to help clients seize opportunities in the region’s evolving energy and infrastructure markets.”

Steven Sieker, Baker McKenzie’s Asia Chief Executive, added: “Matthias’s appointment underscores Baker McKenzie’s continued commitment to investing in exceptional talent across key markets to support our clients in navigating today’s increasingly complex business and regulatory environment.”

Matthias said: “I’m thrilled to join Baker McKenzie and contribute to its strong growth in Asia Pacific. The Firm’s global reach and local depth provide an unparalleled platform for delivering innovative projects and financing solutions to clients in this dynamic region.”

With more than 2,700 deal practitioners in more than 40 jurisdictions, Baker McKenzie is a transactional powerhouse. The Firm excels in complex, cross-border transactions; over 65% of our deals are multijurisdictional. The teams are a hybrid of ‘local’ and ‘global’, combining money-market sophistication with local excellence. The Firm’s Banking & Finance lawyers are ranked in more jurisdictions than any other firm by Chambers.

Matthias’s hire continues the expansion of Baker McKenzie’s global team. His joining follows the recent arrivals of Carole Turcotte in Toronto; Tom Oslovar in Palo Alto; Jenny Liu in New York and Palo Alto; Helen Johnson, Mark Thompson, Nick Benson, Kevin Heverin, James Wyatt and Michal Berkner in London; Jan Schubert in Frankfurt; Todd Beauchamp and Charles Weinstein in Washington DC; Dan Ouyang, Winfield Lau, and Ke (Ronnie) Li in Beijing, Shanghai, and Hong Kong; and Alexander Stathopoulos in Singapore.

*Baker McKenzie Wong & Leow is the member firm of Baker McKenzie in Singapore

Finance

3 finance stocks to buy on rising 10-year Treasury rates

Published

2 days ago

December 14, 2025

Press Room

3 finance stocks to buy on rising 10-year Treasury rates

The Federal Reserve gave investors an early Christmas present by lowering interest rates by 25 basis points (i.e., 0.25%) marking its third rate cut this year. In the past, a change like this in the “long end” of the interest rate yield curve has triggered a predictable, investable pattern. Typically, this pattern would be bearish for finance stocks, particularly banks—investors would buy bank stocks when rates rose and sell them as rates fell….