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    Home»Real Estate Analysis»Frank Carone Swept Up on Federal Bribery Charges

    Frank Carone Swept Up on Federal Bribery Charges

    Team_WorldEstateUSABy Team_WorldEstateUSAJune 24, 2026No Comments3 Mins Read
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    Brooklyn energy dealer Frank Carone, the previous chief of employees to ex-mayor Eric Adams, was arrested within the early hours of Wednesday morning on federal bribery costs.

    The arrest passed off at his dwelling in Manhattan, the New York Day by day Information reported. The accusations towards Carone weren’t instantly disclosed, however have been anticipated to return to mild with an indictment anticipated to be unsealed later within the day. There gave the impression to be a connection to a migrant shelter contract, in accordance with The City Reporter.

    Carone’s brother, Anthony, was amongst these to be arrested. Different arrested over the alleged bribery scheme embody Lengthy Island Metropolis resort proprietor Yan Po Zhu and Zhu’s worker, Crystal Chen.

    Carone’s attorneys didn’t instantly reply to a request for remark from the Day by day Information.

    Federal prosecutors in Brooklyn have been reported in January to be scrutinizing Carone’s enterprise dealings and his time inside Metropolis Corridor as a part of a long-running corruption inquiry. The probe had been lively since at the least early 2024 and a federal grand jury was impaneled the identical month of the report.

    Carone, a lawyer and distinguished determine in Brooklyn Democratic circles, was one in every of Adams’ closest political confidants for greater than a decade. He performed a key function within the 2021 mayoral marketing campaign and served as chief of employees in the course of the mayor’s first yr in workplace earlier than leaving for the personal sector.

    After quitting Metropolis Corridor in January 2023, Carone launched Oaktree Solutions, a consulting and lobbying agency that quickly attracted purchasers throughout a number of industries. In Might 2024, federal prosecutors issued grand jury subpoenas to a number of of these purchasers after acquiring the agency’s financial institution data, in accordance with individuals with information of the inquiry. The subpoenaed purchasers spanned a spread of companies, together with actual property.

    Later that yr, investigators appeared to focus extra carefully on actual property partnerships and different enterprise ventures tied to Carone.

    In an announcement on the time of the report, Carone denied wrongdoing, attributing the investigation to political animus and resentment over his success.

    “Anybody and everybody who truly is aware of me and has labored alongside me would say that I’m conscientious and principled in how I comport myself and in all that I do,” Carone stated.

    — Holden Walter-Warner

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