Adam Hochfelder

Real estate executive Adam Hochfelder pleaded guilty today to scamming $18 million from investors, rel [more]

From the March issue: Real estate scams are the crime du jour, it seems. In the 2000s, the era of easy credit and lax lending standards created a compelling motive for fraud that legal experts say is still being uncovered. Even now, with prices down from the peak, New York City real estate is pricey enough to tempt would-be criminals. Adam Hochfelder, for example, lost his status as a charismatic wunderkind of Manhattan real estate in 2008, when he was arrested and accused of stealing more than $17 million from banks, friends and family through fraudulent loans and a fictitious real estate venture. Then, last month, he was indicted again, this time on charges that he stole some $2.5 million from business associates and friends by leading them to believe they were investing in deals to acquire the Sagamore Hotel on Lake George in upstate New York and the Peaks Resort and Spa in Telluride, Colo. Now, The Real Deal dissects his crime. [more]

Adam Hochfelder

The criminal case against former businessman and alleged fraudster Adam Hochfelder, who is the target of a 58-charge 2008 indictment, just got even more grandiose. Hochfelder, who already stands accused of stealing more than $17 million from lenders, business partners and even his own family, now faces a second indictment from the Manhattan district attorney, this time for stealing $2.5 million from investors for the supposed purchase of the Sagamore Hotel and Peaks Resort. The second indictment contends that Hochfelder never intended to use the money he acquired from investors to purchase the Lake George and Telluride, Colo. properties, but rather used it to repay other creditors and go on spending sprees. All told, this second indictment includes 31 individual charges, including one count of first-degree grand larceny and 12 separate counts of identity theft. TRD

A judge ruled today that Adam Hochfelder, founder and chairman of commercial landlord Max Capital Management Corp., will go to trial on fraud charges in a case alleging he misrepresented the value of his real estate holdings to extract loans from business partners, banks and even family members. The decision today will allow prosecutors to move forward on charges against Hochfelder, a noted New York City office building owner. Max Capital Management holdings have included 237 Park Avenue and the Helmsley Building at 230 Park Avenue. Hochfelder once claimed to own $2.7 billion in properties and used that false information to garner millions from unsuspecting lenders, the New York Times reported. The next hearing on the case is set to begin Jan. 15. Hochfelder was first arrested in August 2008 and now faces 58 counts of criminal activity, such as fraud and grand larceny.