Two Arrests Made in NY Real Estate Scam

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.

Copyright AP - Associated Press
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