Friday, November 5, 2010

Anthony Russo Still owes the City of Hoboken over $300,000!

In the last City Council meeting held Wednesday November 3, 2010  the topic of Anthony Russo was brought up. A good source of mine has sent me actual court documents to shed some light, transparency and truth on the topic of what former Mayor and convicted felon on three counts Anthony Russo still owes the City of Hoboken in terms of restitution.

Below is the letter dated September 8,2010 that Anthony Russo owes a $300 special assessment, a $30,000 fine and restitution totaling $332,220. He served 30 months imprisonment followed by 3 years of supervised release. The final components of his sentence regarding the fine and the restitution are what Anthony Russo still owes to society to make amends to the US government as well as the two parties, one of which is the City of Hoboken that he was ordered to pay restitution to. The balance on that restitution is $324,961.40 as of September 6, 2010. This shows he has made payments of $7,258.60 so far towards that debt but his fine balance is still in full at $30,000.

Order to pay Restitution - Anthony Russo 9/8/2010
This document shows that the total amount of money that Anthony Russo owes the City of Hoboken is $317,220.00. He also owes Hoboken Auto Body $15,000.

Restitution and Forfeiture - Anthony Russo
 And here is the conclusion I have reached based on the current rate of payout we have seen from Anthony Russo. Using the fact that Anthony Russo paid out $7,258.60 over 3 years from 9/7/2007 to 9/6/2010 and assuming the rate stays constant, and not including the $30,000 in fines Anthony would have fulfilled his obligations for restitution in only 134.3 years! Wow! Do you think Hoboken will ever see the bulk of that money? Garnishments as per the order can only be 25 percent of disposable income. Now if Mike Russo was serious about his commitment to Hoboken's finances wouldn't you think he would ask his daddy to pay up sooner because it is hurting his credibility as a fiscal watchdog? Just for discussion below.

Near current status of Anthony Russo's financial obligations for his corruption conviction.
Math note: I love the NPER function in Excel. It is useful for calculating how long it takes to pay out a loan.

Supporting Documents, or the truth by the Hoboken Journal .....

1) Judgement in a Criminal Case - USA vs. Anthony Russo July 1997:

2) Writ of Garnishment in the Case of USA vs. Anthony Russo 8/18/2010:

3) Order to Pay Restitution 9/8/2010: