Woman Bilked Dozens Out of $27M in Mortgage Scheme

Thursday, Feb 26, 2009  |  Updated 9:00 AM EDT
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Woman Bilked Dozens Out of $27M in Mortgage Scheme

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Ivy Woolf-Turk admitted to defrauding investors out of nearly $30 million.

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A New York City real estate developer has pleaded guilty to her role in an elaborate mortgage scheme that bilked dozens of people out of more than $27 million.

     Prosecutors say Ivy Woolf-Turk lied to about 70 people who invested in the renovation of more than a dozen apartment buildings in upper Manhattan.
    
The 52-year-old Port Washington resident pleaded guilty on Wednesday in U.S. District Court to one count of conspiracy to commit mail and wire fraud. She faces up to 20 years in prison.
    
Prosecutors say the fraud began in September 2003 when Woolf-Turk and a co-defendant sought investors to help fund the renovation of 16 multifamily apartment buildings.
 

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