Items Tagged with 'Real estate ponzi scheme'

ARTICLES

  • New York developer admits to bilking investors in long-running luxury real estate Ponzi scheme

    Pleads guilty to defrauding investors out of $58 million
    A New York real estate developer admitted in court last week that he ran a luxury real estate Ponzi scheme that defrauded investors out of $58 million over several years. According to court documents, Michael D’Alessio took much of the money for his own benefit, using it to pay off debts and prior investors, and to fund significant gambling and other personal expenses.
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  • California man admits to running $24 million real estate Ponzi scheme

    Used investors’ money to pay personal expenses, fund gambling activities
    A California man admitted in court this week that he ran a massive real estate Ponzi scheme and defrauded investors out of $24 million by falsely promising that he planned to use their money to purchase residential properties and either manage the properties for rental income or flip the properties and resell them for a profit.
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