Manhattan building owners accuse kidnapper of embezzlement

TRD New York /
Jan.January 25, 2010 02:35 PM

A Long Island man once sentenced to life in prison for kidnapping a six-year-old boy now stands accused of embezzling almost $2 million in a real estate scam. Richard Bassik allegedly embezzled the money from several Lower Manhattan buildings that had hired his company, Downtown Properties, as a property manager, according to the New York Daily News. The Real Deal first reported in July 2009 that two buildings had sued Bassik for allegedly misappropriating funds and failing to account for rent receipts, common charges and other payments. He is now being investigated by the district attorney’s office for other cases of embezzlement. Bassik, who started Downtown Properties in 2003, has several other offenses on his record including a past indictment for holding up a motel on Long Island and perpetrating a $20,000 investment fraud. The alleged conman is now accused of draining the cash reserves of buildings on West 11th Street,Lafayette Street, and Spring Street, leaving the building owners bereft of funds. It is not yet clear which specific buildings had hired Downtown Properties. Bassik’s whereabouts are unknown.

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