EDITORIAL: Two RI Guys Who Are Loving “Public Service” All the Way to the Bank

EDITORIAL: Two RI Guys Who Are Loving “Public Service” All the Way to the Bank

You gotta love these two — James Diossa and Lou DiPalma.

They are “public servants.”

They are always smiling.

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Diossa has seen the world multiple times over without ever dipping into his own pocket. He travels to Europe, Asia, and the Caribbean. He is living good in the sun.

He did it as Mayor of Central Falls, and now, as General Treasurer, Diossa continues to be the traveling man. He gets to see some of the great cities of the world, stay at top-tier hotels, and eat at the best restaurants — and he pays nothing.

Third parties and taxpayers pick up the bills.

In total, Diossa's trips as mayor were paid for by third parties and paid by the City of Central Falls for a total of nearly 50 junkets and cost of more than $80,000.

Of the 26 trips GoLocal uncovered, ten of them were international, including East Timor, Malaysia, England, Mexico, Colombia, China, and multiple trips to Israel and Taiwan.

Diossa's campaign in 2022 claimed that those 26 trips were paid for entirely by third parties.

But that claim by Diossa's team was a lie.

GoLocal unveiled in 2022 that the affable Diossa had repeatedly falsely completed financial disclosure forms of the Rhode Island Ethics Commission.

Now, you know why Diossa is always smiling.

 

Financial Genius

Then, there is the case of Senate Finance Committee chair Lou DiPalma.

He represents a number of communities, including Newport.

Professionally, DiPalma is a mid-level engineer for defense contractor Raytheon at one of its dozens of facilities.

Along comes the fabulously wealthy Nicholas Schorsch, the once billionaire who is buying up large parts of Newport — breweries, restaurants, and real estate.

Schorsch befriended DiPalma and, because of his “financial expertise,” asked DiPalma to serve on the board of a New York real estate company’s board.

Hmm.

DiPalma joined the board of directors of American Strategic Investment Corp (ASIC) officially on December 14, 2022, according to documents filed with the Securities and Exchange Commission (SEC). Since he was appointed an "independent director," he has received compensation of approximately $200,000 in cash, stock, and fees. 

DiPalma says there is no conflict or even an appearance of a conflict relative to his serving on the board.

“ASIC has properties in New York City and nothing related to Rhode Island. The question what does ASIC get from the state of Rhode Island? The answer is nothing,” said DiPalma.

However, according to American Strategic financial documents, CVS is one of the company's top tenants, ranked as the 6th largest corporation overall.

CVS is headquartered in Rhode Island and has received tens of millions of dollars in tax breaks from the state. According to a website that tracks state and federal subsidies to companies — CVS has received $156,312,001 from the State of Rhode Island.

DiPalma, too, is an affable and is always smiling.

They live the good life.

Somebody is always picking up the tab or sticking money in their pockets.

Life is good. Always smiling.

This was first published 6/2/24 2:30 AM