Friday, February 08, 2008

Brothers Charged With Larceny

Moses Brach, 30, 182 Lynch Street, Brooklyn, and his brother, Joel Brach, 27, 137-68th 70th Avenue, Flushing, both of New York, have been charged with fraudulently selling the Cambria Heights, New York residence out from under a retired New York City correction officer suffering from dementia and stealing hundreds of thousands of dollars in the home’s equity. One of the brothers is in custody and the other is believed to have fled to Israel and is presently being sought internationally.

Moses Brach, who is employed at the family-owned 18th Avenue Kosher Fish Store in Borough Park, Brooklyn, was arraigned in Kew Gardens before Acting Queens County Supreme Court Justice James P. Griffin on a four-count indictment charging him and his brother with second- and third-degree grand larceny and second- and third-degree criminal possession of stolen property. Brach, who, along with his brother, faces up to 15 years in prison if convicted, was ordered held on $25,000 bail and to surrender his passport. His next court date is April 14, 2008.

District Attorney Brown said that, according to the charges, 71-year-old Hoesey Walker sought the aid of Home Engergizer, Inc., a real estate brokerage company formerly located at 189-07 Jamaica Avenue, Hollis, New York, in February 2007 to assist him in the purchase of real estate. Joel Brach, an employee of Home Energizer, allegedly handled the transaction involving Walker‘s purchase that same month of two properties – one in Brooklyn and the other in Queens – for a total of $1,370,000.

The District Attorney said it is further charged that shortly after the purchase of the two investment properties, Walker‘s daughter – New York City Police Officer Kim Walker discovered that her father exhibited the warning signs of dementia and that he did not understand the financial consequences of purchasing the two investment properties. Officer Walker also discovered, it is alleged, that her father’s primary residence at 114-121 228th Street, Cambria Heights had been sold.

It is further alleged that the Cambria Heights residence was sold in March 2007 to Joel Brach and his brother, Moses Brach, for $440,000 and that the equity proceeds from the sale of the house – $217,000 – were placed in a Wachovia joint banking account in which the two Brachs and Walker were listed as the account holders. An investigation by the District Attorney’s Office determined that the account has allegedly been opened in March 2007 in Joel Brach‘s name only and then his brother’s name was added as an account holder, and then finally that Walker‘s name was added as an account holder – unbeknownst to him and only after the sale of his residence.

Finally, it is alleged that Walker was not present at the closing, which took place at 8:00 p.m. at the defendant Joel Brach‘s Flushing residence. As a result of the sale, it is alleged, a check was made payable to Walker in the amount of $217,000 – which was then deposited into the Wachovia account that the Brachs had established.

District Attorney Brown said that the existence of the check and the account came to light when a Wachovia representative contacted Walker and his family due to the suspicious nature of the deposit. At the request of the District Attorney’s Office, the account’s assets have been frozen.  The District Attorney noted that, as a result of the alleged fraudulent sale, a mortgage in the amount of $407,537 in the names of the Brachs has been filed against Walker‘s property and that mortgage is near foreclosure. Prior to the sale, Walker only had a mortgage of $187,633 on his property.

District Attorney Brown said, “The victim is alleged to have been swindled out of his life savings and his home by the two defendants who are accused of taking advantage of an elderly man suffering from dementia to strip the equity dollars from the victim’s home without regard to the financial consequences or human suffering that their alleged actions would cause. Fortunately, the victim had a guardian angel watching over him in the guise of his eldest daughter, a New York City police officer – who reported the matter to the District Attorney’s Economic Crimes Bureau.”

mortgage fraud

1. What scumbags these two brothers are!!!!

   It is people like this that cannot make a living honestly that give our business such a black eye!

   Posted by  on  02/09  at  10:08 AM