Andrew Brosnac, 48, Mansfield, Texas, a real estate agent and investment consultant, was sentenced after pleading guilty to conspiracy to commit bank fraud and wire fraud in connection with the sale and leaseback agreements in Pennsylvania, New York, West Virginia, North Carolina, South Carolina, Alabama, South Dakota, California, Oregon, and Wyoming.
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Joseph Del Valle, 59, Aventura, Florida, an owner and partner of various investment companies, including Vanquish Acquisition Partners LLC and PM Capital Management LLC, which were based in Manhattan, New York, surrendered on charges of wire fraud and wire fraud conspiracy for operating a fraudulent scheme related to a Florida real estate development project.
Abbe Edelman, 50, Livingston, New Jersey, was arrested at his home by federal law enforcement officers on charges that he allegedly ran a real estate investment scheme that bilked victims out of $4 million.
Maximus A. Yaney, 37, and Jamie L. Bray, 36, both New York residents, were each indicted in Benton, Illinois, on one count of bank fraud and one count of wire fraud for their alleged roles in a mortgage fraud scheme wherein they used fake documents to persuade lenders to finance the sale of an apartment complex.
Adam J. Manson, 42, Old Westbury, New York, pleaded guilty to conspiracy to commit securities fraud for engaging in a $96 million Ponzi scheme with co-defendant and former investment fund manager Brian R. Callahan. The defendants diverted millions of dollars of investor funds towards the Panoramic View, an unprofitable 117-unit beachfront resort and residence development.
Manjeet Bawa, 46, Dix Hills, New York, Joseph Ferrara, 70, Long Beach, New York, Eric Finger, 48, Miami, Florida, Joseph Mirando, 54, Centereach, New York, John Petition, 68, Garden City, New York, and Aaron Wider, 50, Copiague, New York, have been charged with carrying out a $30 million bank fraud conspiracy by fraudulently inflating the prices of homes for sale and then obtaining mortgages that far exceeded the true collateral value of properties.
Harold L. Gruber, 60, an attorney, and his law firm, Harold L. Gruber, P.C., Brooklyn, New York, have entered into a settlement to resolve allegations of submitting at least nine fraudulent filings to the Attorney General’s Real Estate Finance Bureau and breaching his fiduciary duties as an escrow agent.
Rodney Watts, 42, Bronxville, New York, the former chief investment officer of GDC Acquisitions LLC (GDC), was sentenced in federal court in Brooklyn, New York, to 37 months in prison, to be followed by five years of supervised release. The charges against the defendant arose out of a scheme to defraud Amalgamated Bank, GDC’s asset-based lender, of $21 million in fraudulent loans.
Anna S. Lee, 54, Englewood Cliffs, New Jersey, and her daughter, Jennifer H. Lee, 25, New York City, New York, were arrested on Monday, April 14, 2014, in connection with an alleged real estate loan scam wherein the defendants fraudulently obtained over $300,000 in payments from victims for loan modifications services.
The Homeowner Legal Assistance Association (HLAA), a Florida corporation, has allegedly misled hundreds of distressed homeowners facing foreclosure in Hawaii by a loan modification program operated by HLAA for approximately 17 months in 2009 and 2010.