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


Related Articles

arrow_forward_ios
Robert Durst (AP Images)
Robert Durst: The life and crimes of America’s most tainted real estate scion
Robert Durst: The life and crimes of America’s most tainted real estate scion
Mitch Kossoff (Getty)
Here’s where Mitch Kossoff’s stolen money went
Here’s where Mitch Kossoff’s stolen money went
Mitch Kossoff
Mitch Kossoff pleads guilty to defrauding real estate clients, faces 13 years
Mitch Kossoff pleads guilty to defrauding real estate clients, faces 13 years
The plaintiff invested $1 million in exchange for a portfolio of hotels - but never received his part of the agreement (Getty)
Urban Commons defrauded investor out of $1M in hotel venture: lawsuit
Urban Commons defrauded investor out of $1M in hotel venture: lawsuit
The summer months tend to heat up the rental market but victims of rental scams lose the most money in the summer (iStock)
As summer heats up, so do rental scams
As summer heats up, so do rental scams
Ivan Acedveo and Dane Roseman pleaded guilty Monday to their roles in a scheme that bilked thousands of property investors. Robert Shapiro, above, the mastermind, was sentenced in 2019.
Last defendants in $1B real estate Ponzi scheme plead guilty
Last defendants in $1B real estate Ponzi scheme plead guilty
John Simonlacaj (The Xi, Getty)
Ex-HFZ exec sentenced to 4 months in Mafia-linked bribery scheme
Ex-HFZ exec sentenced to 4 months in Mafia-linked bribery scheme
Craig Hollander and 55 Cooper Street (Linecity, Google Maps)
Corcoran agent accused of racial, income discrimination by Section 8 renters
Corcoran agent accused of racial, income discrimination by Section 8 renters
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...