Todd Christie has always been a bit of a liability for his brother Chris. Todd barely beat an insider trading case, possibly with the help of then US Attorney Chris Christie, that became an issue in Chris Christie’s 2009 campaign for governor. It was revealed that the prosecutor who let Todd of the hook, David Kelly, received a lucrative federal monitoring contract from Christie’s office.
Later in the campaign Todd, a bit of a lose handle, got into Facebook fights with Christie opponents - still somewhat of a problem. After Christie was elected, questions arose as to whether Todd’s various business dealings would present a conflict of interest. They did.
The first discovery was that Todd Christie benefited from a bailout of New Jersey’s solar industry. Todd had sold his financial trading firm to Goldman Sachs and had moved into, among other things, the solar industry. His firm, S.G Builders LLC, was a consultant to Vanguard Energy Partners which was a major player in the New Jersey solar industry which benefited from Governor Christie’s decision to give the industry support.
And now Todd may once again be causing headaches for his brother governor as it has been revealed that Todd profited from the sale of homes near a major Port Authority project.
Governor Christie’s brother, Todd Christie, and two business partners have bought and sold a handful of properties within walking distance of the PATH station in Harrison, slated for a $256 million renovation funded by the Port Authority and championed by the governor, records show.
Todd Christie and his partners — one the owner of Ferreira Construction, a large firm that has done tens of millions of dollars of work for state agencies since Christie took office — created a company and began buying small residential lots in early 2011, about a year before the train station renovation was approved by the Port Authority.
This one of the oldest ways in the book to make money off of insider knowledge – buy land you know will be improved by the government before anyone else at lower prices. Todd may been involved in insider dealing before, was he again? Not to mention Ferreira Construction is one of Governor Chris Christie’s biggest donors.
The report comes as there is increasing pressure on Port Authority head David Samson to step down due to so many conflicts of interests with land development deals and his law firm Wolf Samson – including the vote for the project Todd Christie benefited from. People are, not surprisingly, losing confidence in Samson’s ability to run the Port Authority.
Photo from Port Authority of New York and New Jersey under public domain.