(Bloomberg) -- The ex-police chief who now serves as New York City’s deputy mayor for public safety and is one of Mayor Eric Adams’s closest advisers has seen his net worth more than triple in the last eight years.
Phil Bank’s assets and investments were worth as much $6.45 million in 2021, according to financial disclosures released Monday by the New York City Conflicts of Interest Board. That’s up from as much as $1.74 million in 2014, when he resigned from the New York Police Department as its highest-ranking uniformed officer.
In 2016, Banks’s name surfaced as an un-indicted co-conspirator in federal corruption investigations into former Corrections Union President Norman Seabrook, and a pair of Brooklyn businessmen who were accused of attempting to bribe NYPD officers with gifts in exchange for special privileges.
Banks was never charged with a crime. In a wiretapped phone conversation that was presented in federal court, Banks said he believed he was under investigation by the Internal Revenue Service for possible underreporting on his income taxes.
In his disclosure, Banks indicated that he had acquired holdings in Bitcoin and Ethereum worth between $15,000 and $150,000. Mayor Adams has said he wanted to turn New York City into “the center of the cryptocurrency industry,” and said he would take his first three paychecks in office in Bitcoin.
Banks also reported investments in three different properties, worth at least $1.5 million total, as well as at least $500,000 in Tesla Inc. stock. He reported sizable holdings in major tech companies, including between $350,000 and $750,000 in Apple Inc. stock and between $100,000 and $250,000 in Meta Platforms Inc., the company that owns Facebook.
After his retirement from the NYPD, Banks founded a private security consulting firm, known as CitySafe Partners LLC. His LinkedIn profile lists him as still working with the company, but he did not report earning any income from the firm in 2021, the financial disclosure shows.
The mayor appointed Banks in January 2022 as deputy mayor to oversee the city’s public safety agencies, including the NYPD, FDNY, and Departments of Probation, Correction and Investigation. Elected officials and those with policy-making discretion are required to disclose financial information annually to the city’s Conflicts of Interest Board, but only have to provide a range of values for each asset, not a specific number.
A spokesperson for the Adams administration did not immediately respond to a request for comment.
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