Ex-NYC real estate executive admits fleecing $18M from investors, banks by lying about deals
By APFriday, May 21, 2010
Ex-NYC real estate executive admits stealing $18M
NEW YORK — A fallen New York real estate mogul has admitted swindling more than $18 million from banks, friends and relatives by lying about his prospects for pulling off deals.
Adam Hochfelder (HOCK’-fehl-duhr) pleaded guilty Friday to grand larceny and scheming to defraud.
The 38-year-old acknowledged fleecing lenders and investors by misrepresenting his assets and claiming he had contracts to buy properties he didn’t. They included the Sagamore Hotel on New York’s Lake George and the Peaks Resort in Telluride, Colo.
His lawyer says Hochfelder has paid back more than $15 million.
Hochfelder has been promised a sentence of no more than 12 years in prison. He’s expected to pay nearly $10 million more in restitution. It includes interest on the stolen money.
