The owner of 70 multi-family properties has pleaded guilty to running what federal prosecutors described as a $150 million bank and securities scam lasting 10 years. So reports the Teaneck, N.J. Daily Voice.
New Jersey landlord Seth Levine told a U.S. District Court judge that he falsified refinancing applications for the properties, according to Acting U.S. Attorney for New Jersey Rachael Honig.
Levine also orchestrated a securities fraud scheme that bilked the properties’ investors, according to Honig. Sentencing was set for July 26.
Read the full article from Teaneck, N.J. Daily Voice.
Source: themortgageleader.com