Brooklyn Heights Cinema owner arrested in real estate development scam

New York /
Nov.November 24, 2010 09:31 AM

The owner and operator of the Brooklyn Heights Cinema was arrested yesterday and charged with securities and wire fraud after allegedly taking $530,000 from investors under the pretense that he would use it on redevelopment and other upgrades for the 70 Henry Street theater and two others he owned in Pennsylvania. In their complaint, federal prosecutors said that despite his promises to investors, Norman Adie never actually had any intention of further developing or upgrading the properties, but instead used the funds on his personal expenses and on the operating costs for his other businesses. In one case, Adie allegedly bilked an investor out of $200,000 by trumpeting a fake plan to build condominiums at the Henry Street site. He is said to have taken the money, but never followed through on the development. If he is found guilty, Adie faces up to 80 years in prison and more than $5 million in fines. TRD


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