2 convicted in Brooklyn straw buyer scheme

TRD New York /
Feb.February 24, 2010 08:48 AM

Two Brooklyn fraudsters were found guilty of selling the same building twice, to two different buyers, according to the Brooklyn district attorney’s office. Mavis Samuel and Carlyle Ebanks sold a multi-family building at 1162 Pacific Street in Bedford-Stuyvesant in September 2004 to a straw buyer for $4,000, the DA’s office said, before having the property deeded back to them by the buyer — who was recovering from a massive brain injury — in 2005. In November 2006, the pair then promised a friend a partnership in their real estate investment company should he agree to buy the building. “The defendants illegally inflated the ‘partner’s’ income and savings account balance on a $1 million mortgage application, to buy 1162 Pacific Street for that price,” the DA’s office said. “With that ‘sale’ they paid off the mortgage on the original straw purchase, pocketed between $300,000 and $400,000, and maintained ownership.” While 1162 Pacific Street reportedly burned down between the two illegal sales, the two were still tried for — and convicted of — second-degree grand larceny and multiple count of falsifying business records. They will be sentenced in April, and face as much as 15 years in prison. TRD

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