search

The Real Deal Logo

Trending

Housing deal finally passes; here are the detailsHousing deal finally passes; here are the detailsMusklandia: Tesla divorces gigafactory land from city of AustinMusklandia: Tesla divorces gigafactory land from city of AustinHow Hochul played the “good cause eviction” game, and wonHow Hochul played the “good cause eviction” game, and wonYellowstone drops approximately $200M on 1740 Broadway debtYellowstone drops approximately $200M on 1740 Broadway debt
New York

Attorney indicted for alleged $4M real estate Ponzi scheme

From left: Manhattan District Attorney Cyrus Vance and a thief
From left: Manhattan District Attorney Cyrus Vance and a thief

A disbarred New York City attorney stands accused of swindling $4 million from investors who thought she was putting their money into buying up foreclosed homes.

Alice Belmonte allegedly convinced 10 people to buy into her plan to acquire Real Estate Owned listings, or REOs, but instead of putting their funds into an escrow account, she reimbursed prior investors in her Ponzi scheme, according to Manhattan District Attorney Cyrus Vance.

Sign Up for the undefined Newsletter

Belmonte was indicted on 49 counts ranging from grand larceny to identity theft.

“This lawyer mortgaged her future,” Vance said in a release. “Attorneys have a responsibility to be trustworthy and honest with their clients, and stealing from them for personal enrichment is an embarrassment to our profession.” — Julie Strickland

Tags
Cyrus VancePonzi Scheme