Adam Hochfelder – Mortgage Fraud Comes To Park Avenue
Mortgage Insider » Mortgage Fraud » Adam Hochfelder – Mortgage Fraud Comes To Park Avenue
Adam Hochfelder, a New York real-estate investor, was indicted for allegedly defrauding “more than $17 million from a panoply of banks and individuals” according to the Wall Street Journal today bringing mortgage fraud to new heights.
Hochfelder, a sort of “wonderboy” in the 1990s buying coveted investment properties, faces at least a 25 year sentence.
Hochfelder bought a premier property, 230 Park Avenue, an office building on Park Avenue previously owned by real estate mogul Harry Helmsley know more for his wife, Leona Helmsley, the “Queen of Mean”.
Starting about four years ago, Hochfelder ran into hard times and began defaulting on loans associated with his real estate investment business.
Mr. Hochfelder allegedly borrowed $17 million from partners, family members, friends and banks by misrepresenting the value of his assets and occurred between October 2002 and February 2008.
Hochfelder also allegedly provided Bank of America Corp. and North Fork Bancorporation with forged documents inflating his liquidity and assets. Intentionally providing the false information on a mortgage application is mortgage fraud should the lender provide the mortgage funds based on the erroneous information.
Well I guess we learned even real estate superstars can get caught in a pinch when the real estate and mortgage market goes south.
Good Luck!
Author: The Mortgage Insider
Date: August 28, 2008
Tags by Post Mortgage Fraud, Mortgage Lies, Scams
Technorati Mortgage Fraud, Mortgage Lies, Scams
Our Free Quote Service
Get 4 quotes (and only 4) from the nations best mortgage providers using our free, secure, quote service.
Unlike other online services, ours has a built-in "security measure" via an independent verification service that contacts you by phone to insure it was, in fact, you wanting the quotes. (So you must include a phone number for verification) Once confirmed, your request is passed on to the providers who will send you their offers by email (so you must include a valid email too!).
You then pick the best offer!
All Posts In Category
Adam Hochfelder - Mortgage Fraud Comes To Park Avenue
Carrington Mortgage Services LLC Bogus Email Downloads Virus
Good Faith Estimate Fraud
Mortgage Help Lacking From CPAs
Mortgage Lock Fraud Abounds
Mortgage Servicing Fraud
Real Estate Referral Con Game
Texas Attorney General Busts Mortgage Fraud Gang - Again!
The Mortgage Application Deposit Scam
Reader Comments
How To Use Our Comment Section:
1. To comment on the article or post: Simply cursor down to the bottom and add your comment in the box, hit "Save". After moderation, your comment will appear next chronologically.
2. To comment on a comment (not on the post) or what is called a "nested" comment: Hit the "Reply" link at the bottom of the comment you'd like to reply to. A new comment box appears, you can add your comment to the box, hit save. After moderation, your comment will appear "nested" under the selected comment.
3. Do Not Use ALL CAPS. Use "Real" Names, No Keywords. Do Not Put Contact Info (ie. phone numbers, email addresses, etc.) In Comment Text.
As a friend of his grandfather for 65 years, I find this very distressing. His grandfather was one of the most special people I have ever known….a great husband, a great father, a great business man, very charitable and caring about others. Also he was a true WW 2 hero winning a silver star at Iwo Jima.
It is frightening that this society is producing generations with no respect for the values we tried to leave behind. Money, cheating, ******** everybody is behavior, I am grateful Gene died before witnessing.