LI-based real estate executive sentenced to 51 months for fraud

New York /
Jun.June 07, 2011 06:30 PM

Elviston Ramasir, the former president of Long Island-based real estate company Home Free Realty, has been sentenced to 51 months in federal prison for two separate fraudulent real estate schemes, the U.S. attorney’s office said today.

Elviston Ramasir, 28, stole $1.5 million from an investor by promising huge rates of return in properties that Ramasir promised to buy but never did. He later used Craigslist to solicit renters for two properties he owned,– one in Ozone Park, New York and the other in Long Beach, New York– then kept their money and didn’t allow them to occupy the properties.

Ramasir pleaded guilty in January this year and was sentenced yesterday by U.S. District Judge Shira Scheindlin. In addition to the prison term, he was also sentenced to three years’ supervised release and ordered to pay more than $1.4 million in restitution. Illegal cash proceeds from the schemes will also be forfeited. [AP via WSJ]


Related Articles

arrow_forward_ios
Allen Weisselberg, Donald Trump (Getty)
Trump Org convicted of criminal tax fraud
Trump Org convicted of criminal tax fraud
Former NY Lt. Gov. Brian Benjamin (Illustration by Kevin Cifuentes for The Real Deal with Getty Images)
Former Lt. Gov. Brian Benjamin skates on developer-linked fraud charges
Former Lt. Gov. Brian Benjamin skates on developer-linked fraud charges
Greenport Mayor George Hubbard Jr. with the Greenport waterfront (George Hubbard Jr., Google Maps, Getty)
Greenport presses pause on waterfront commercial development
Greenport presses pause on waterfront commercial development
Stuart Elliott
Editor’s note: Tales from the crypto meltdown
Editor’s note: Tales from the crypto meltdown
346 East 52nd Street (Google Maps, Yelp, Getty)
NYPD raids Koeppel’s Midtown building after brothel probe
NYPD raids Koeppel’s Midtown building after brothel probe
Bill Rudin and 55 Broad Street in Midtown (Loopnet, Getty)
Bill Rudin: Midtown office conversions are the answer
Bill Rudin: Midtown office conversions are the answer
(Getty Images)
Tenants attack landlords in two separate incidents
Tenants attack landlords in two separate incidents
(Getty Images)
LA developer doubled as abusive porn director, documentary alleges
LA developer doubled as abusive porn director, documentary alleges
arrow_forward_ios

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

Loading...