Hilary Clinton and former Councilman Joel Rivera at the National Puerto Rican Day Parade. (Photo c/o facebook.com/riveraj78)
A comprehensive settlement was reached today between State Attorney General Eric Schneiderman and the National Puerto Rican Day Parade, Inc. and the long-time exclusive marketing agent the G.A.L.O.S. Corporation, Inc., who have been investigated for financial mismanagement, which had put the parades future into question. With a new board appointed, the agreement suggests the parade will go off without a hitch this year, with new management heavy hitters brought into to clean shop.
According to a statement by the the AG,
“The agreement resolves the office’s investigation into the misappropriation of NPRDP’s charitable assets and the conduct of its board of directors. Under the settlement, GALOS is required to forgive approximately $1 million in debt that NPRDP owed to GALOS and to pay NPRDP an additional $100,000. In addition, the fundraising and marketing agreement between GALOS and NPRDP is rescinded and GALOS and its president, Carlos Velasquez, are permanently barred from any future business role on behalf of the NPRDP or in connection with the Puerto Rican Day Parade. ”
Ten new directors were appointed, including Pelham Gardens resident and former Secretary of State Lorraine Cortes-Vazquez, currently Executive Vice President for Multicultural Markets & Engagement at AARP.
Community leaders were optimistic about the new vision for the organization.
“The National Puerto Rican Day Parade is an important cultural institution not just for Puerto Ricans but all New Yorkers, and this agreement will allow the parade to move forward in a positive, productive manner. I commend Attorney General Schneiderman for his efforts in this matter, and look forward to participating in this parade for years to come,” said Bronx Borough President Ruben Diaz Jr.
City Council Speaker Mark-Viverito, who represents the South Bronx, said, “The Puerto Rican Day Parade has been recognized as an iconic cultural event that celebrates the contributions that Puerto Ricans have made, not only in New York City, but also across the nation. I thank the Attorney General for his leadership and look forward to many more years of the Puerto Rican Day parade.”
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