Broker accused of property scam pleads guilty

An alleged mastermind behind a New Jersey property flipping scam pleaded guilty yesterday in federal court to money-laundering charges. The multimillion dollar scheme involved the fraudulent sale of decrepit residential properties — which were pushed through with phony paperwork in no-money-down subprime loans — that were rented illegally to low-income families on federal assistance. Implicated along with Michael Eliasof, once a top-producing real estate agent at Re/Max, were city officials, a municipal court judge and an unlicensed appraiser known as “Billy the Kid.”

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