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Brooklyn developer, 14 others charged with mortgage scam

U.S. Attorney claims Irving Rubin and family members cheated banks, took public assistance

Preet Bharara and George Farkas
Preet Bharara and George Farkas

Brooklyn real estate developer Irving Rubin and several of his family members were charged with defrauding banks and other lenders of $20 million over a decade.

The U.S. Attorney’s office accused 15 people yesterday of obtaining millions from more than 20 fraudulent bank loans and accepting thousands in public assistance. The defendants allegedly claimed in public-assistance applications that they had very little income. 

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Meanwhile, their bank-loan documents show extensive assets and income.

“We are digesting the information contained in the rather extensive indictment that was filed. It’s much too early to make any kind of a comment,” George Farkas, Irving Rubin’s attorney, told the Wall Street Journal. [WSJ]Mark Maurer

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