Prosecutors say the 36-year-old Vargas admitted forging documents showing he was the majority owner of a commercial building near Central Park. He then agreed to sell the property to New York Road Runners for $8.5 million. The group was planning to build a running center.
Prosecutors have said the organization spent $300,000 in fees before the deal fell apart.
His lawyer's name wasn't immediately available Friday night.
Published at 9:37 AM EDT on Apr 10, 2010 | Updated at 9:45 AM EDT on Apr 10, 2010