Diamond District business nonprofit engaged in gross financial mismanagement under former executive director, city comptroller audit finds

A Diamond District business leader mined a city-tied nonprofit to enrich himself and his family, according to a damning new audit.

The former executive director of the 47th Street Business Improvement District, set up to boost the Midtown block lined with jewelry stores, engaged in gross financial mismanagement by using the group’s funds to hire his son as a consultant while spending thousands on personal expenses, raises and benefits for himself and his daughter-in-law, the audit from Comptroller Scott Stringer found.

“New York City’s Business Improvement Districts are charged with bolstering our commercial corridors, beautifying our streets and connecting residents and visitors with the small local businesses that fuel our economy,” Stringer said in a statement. “Instead, this audit of the 47th Street BID revealed blatant misuse of funds, and potentially a violation of the public trust.”

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