Scranton Pennsylvania Mayor Bill Courtright Resigns And Pleads Guilty To Corruption

Last week, Scranton Mayor Bill Courtright informed the city council that he would be stepping down as Mayor of Scranton due to corruption charges. His announcement comes in the wake of a recent guilty plea he has submitted to the Federal government admitting to various acts of public corruption. The disgraced former mayor appeared in federal court last Tuesday and pleaded guilty to all charges in Williamsport, PA.

corruption charges

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Background

In January, The FBI raided Mr. Courtright home where a safe was discovered. The safe contained thousands of dollars in cash obtained through corrupt dealings and extortion. Court documents state that this corruption has been going on since the former mayor took office 5 years ago. The disgraced former mayor would receive cash payments, campaign contributions and other favors from those looking to do business within the city. For example, a vendor once called Courtright in order to apologize for not attending his inaugural party for his second term where he would receive bribes. Courtright said, “I don’t worry about you coming. I worry about the money.”

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Charges against the mayor include bribery, conspiracy, and an attempt to obstruct commerce through extortion. Those businesses wishing to do business within the city of Scranton would face challenges if they were not willing to be shaken down by the corrupt former mayor.

Sources say that Mr. Courtright has agreed to plead guilty as part of a plea bargain deal. The potential deal stipulates that the disgraced former mayor will possibly face 35 years in prison as well as fines totaling $750,000. There is also the likelihood that other city officials will be facing corruption charges.




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Jacob Wolinsky
Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Prior to ValueWalk, Jacob was VP of Business Development at SumZero. Prior to SumZero, Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver