The Real Deal New York

New York real estate investor pleads guilty in $31M Ponzi scheme

October 01, 2012 06:00PM

Joseph Greenblatt

Joseph Greenblatt, head of the Paramus, New Jersey-based sham investment firm, Maywood Capital, pleaded guilty today to charges that he swindled potential investors out of approximately $31 million, Bloomberg News reported.

Greenblatt told investors he was using their money to purchase and/or renovate real estate in New York City “in return for mortgages that promised returns approaching 14 percent,” the office of Manhattan District Attorney, Cyrus Vance, told Bloomberg News.
Greenblatt pleaded guilty to all 32 counts of grand larceny and securities fraud today in state Supreme Court in Manhattan, and was sentenced to six to 18 years in prison, Bloomberg News said. [Bloomberg]Christopher Cameron

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