Former Ulster County Commissioner of Finance Sentenced to Two Years in Jail for Grand Larceny
Burton Gulnick, Jr., the former Ulster County Commissioner of Finance, has been sentenced to two years in jail for two counts of grand larceny, according to the Ulster County District Attorney's Office.
Arrest and Charges
Gulnick was arrested in June of 2023 and charged with stealing over $97,000 from the Hurley Recreational Association, a non-profit organization that provides summer programs for children. Additionally, he stole thousands of dollars from an election campaign bank account of former Ulster County Executive Michael Hein. It is worth noting that Gulnick was formerly the treasurer for both organizations.
Manipulation and Personal Use
The Ulster County District Attorney's Office revealed that Gulnick used the stolen funds for personal use and went to great lengths to cover his tracks. He manipulated accounting records in order to conceal his crimes.
Restitution and Judgment Confessions
As part of his sentencing, Gulnick was required to pay restitution of $35,000 to the Hurley Recreational Association and $15,000 to the Hein Campaign. Furthermore, he had to waive his appellate rights and sign judgment confessions for two insurance companies that compensated the Hurley Recreational Association with approximately $62,000 after the thefts were discovered.
Analyst comment
This news is negative as it involves a former official’s sentencing for grand larceny. In terms of the market, there may be short-term skepticism and decreased confidence in financial institutions, but overall impact on the market is likely to be minimal.
