NYC Sheriff Under Investigation Over Missing Cash From Cannabis Raids As Mayor Adams Faces Federal Indictment

Zinger Key Points
  • Eric Adams, whose indictment remains sealed, said the Sheriff’s office has closed down 1,100 illicit weed shops & confiscated $78 million.
  • An investigation is looking into how the Sheriff’s Office turned off surveillance cameras when seizing cash and where it is now.

The Department of Investigation has opened a probe into New York City Sheriff Anthony Miranda over accusations that he and his officers made off with cash from illegal smoke shops they closed down throughout the city. Shortly after expressing confidence in his appointee, Mayor Eric Adams was indicted Wednesday evening as part of a sprawling federal corruption investigation.

What Happened: Miranda has been at the forefront of "Operation Padlock to Protect," which is a joint project between the NYPD, the Sheriff's Office and the Department of Consumer and Worker Protection. Both Adams and Miranda praised the success of the operation.

Adams, whose federal indictment charges will be announced on Thursday, said that by the end of August, the Sheriff's office had closed down at least 1,100 illicit cannabis shops across NYC and confiscated $78 million and tens of millions in contraband.

Read Also: NY Judge Rules In Favor Of Shuttered Illicit Cannabis Shop On Procedural Grounds, Calling Into Question Mayor Adams’ Enforcement Policy

Where's The Cash?

The Department of Investigation is looking into how the seized cash has been handled by the Sheriff's Office and where it ended up, as allegations stream in that the money has not been returned in full to the businesses from which it was confiscated.

“Almost every store that we represent, everyone has said when they get the money back, it is less than what was in there when it started,” said attorney Lance Lazzaro, who represents more than 100 businesses that were raided. Lazzaro, reports ABC7, said that surveillance cameras are usually turned off by the sheriff’s department while the NYPD confiscates the cash.

“One store recently we tried to get a voucher for and the voucher is missing, which means the $1,600 in this particular store that was in the register, we can’t even make a claim for it because it’s just gone,” Lazzaro said.

Brooklyn council member Justin Brannan, who grilled Miranda during a City Council hearing last week, told NY1 that he still has unanswered questions.

"We still didn't have any answers about how much cash has been seized,” Brannan said. “That seems to be a pretty obvious thing that you should have on hand if you've done x amount of raids.”

Meanwhile, Adams, the first sitting mayor in New York City history to be charged with a federal crime, called the federal charges “entirely false, based on lies” in a video statement released Wednesday night.

Now Read:

Photo of Sheriff Miranda: Ed Reed/Mayoral Photography Office

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In:
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Cannabis is evolving – don’t get left behind!

Curious about what’s next for the industry and how to leverage California’s unique market?

Join top executives, policymakers, and investors at the Benzinga Cannabis Market Spotlight in Anaheim, CA, at the House of Blues on November 12. Dive deep into the latest strategies, investment trends, and brand insights that are shaping the future of cannabis!

Get your tickets now to secure your spot and avoid last-minute price hikes.