Two Arrests Made in NY Real Estate Scam

Tuesday, Mar 3, 2009  |  Updated 2:15 PM EDT
View Comments (
)
|
Email
|
Print
Two Arrests Made in NY Real Estate Scam

Getty Images

Two New Yorkers have been indicted on charges of stealing more than $1.3 million through a real estate investment scheme.

advertisement

Two New Yorkers have been indicted on charges of stealing more than $1.3 million through a real estate investment scheme.

Manhattan prosecutors said Sharmon Wade of Queens and Claudius Hannah of Spring Valley, N.Y., snagged at least 21 victims. They allegedly promised returns of up to 100 percent within 60 days on commercial property investments.

Prosecutors said the two kept the victims' money and never invested any of it. The hardest hit was a Long Island Jewish Hospital nurse who lost $200,000.

Prosecutors said Wade is in federal custody in Manhattan related to a subprime mortgage fraud case. Hannah is jailed in Orlando, Fla., pending extradition.

Prosecutors said the names of defense attorneys were not on record Tuesday.

Get the latest headlines sent to your inbox!
View Comments (
)
|
Email
|
Print
Leave Comments
What's New
Follow us on Instagram!
We post photos taken by our news... Read more
Follow Us
Sign up to receive news and updates that matter to you.
Send Us Your Story Tips
Check Out