The Real Deal New York

Puff sentenced to 18 years in prison for NJ real estate Ponzi scheme

January 15, 2010 10:01AM

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Wayne Puff, the New Jersey man who pleaded guilty to a massive real estate Ponzi scheme last April, was sentenced yesterday to 18 years in federal prison. Puff, whose New Jersey Affordable Homes company in Woodbridge and Perth Amboy attracted $123.3 million in investor funds between 1998 and 2005, fabricated mortgage applications and used artificially-inflated appraisals to flip properties among investors — many of whom were senior citizens — without their knowledge. He was arrested in June 2008, and at the sentencing yesterday, was ordered to pay $100 million in restitution to his victims. A lawyer, an appraiser and a mortgage loan processor, along with seven other co-conspirators have also pleaded guilty in the scheme, which affected roughly 400 New Jersey properties. [NYT]

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