Onetime financial fraudster lists Chambers Street pad

New York /
May.May 28, 2013 05:30 PM

Ilan Reich’s chameleon-like career has included stints as a rising legal star on Wall Street, a convicted financial fraudster, a prison inmate, a brain tumor survivor, and a CEO in the medical devices industry. Add to the list a wise real estate investor.

Reich has listed his 200 Chambers Street pad for $4.495 million — nearly $1.5 million more than what he paid in 2007, StreetEasy shows.

Ryan Serhant, Nick Jabbour and Peggy Zabakolas of Nest Seekers International have the listing for the three-bedroom, three-bathroom condominium, which is priced at $2,042 per square foot. The home features floor-to-ceiling windows and a master suite with four custom-fit closets, according to the listing. The 186-unit building, where Jabbour also lives, features a sky-lit indoor pool, parking garage, children’s playroom, Courtyard Garden And Rooftop Terrace.

Reich purchased the condo in July 2007 for $3.09 million, city records show.

He is “moving out of the city,” he told The Real Deal, but declined to specify where.

A Former Wall Street up-and-comer, Reich was sentenced to a year and a day in prison for insider trading in January 1987. At the time, he had been a mergers and acquisitions attorney at Wachtell, Lipton, Rosen & Katz. Reich was charged with providing tips on a pending corporate merger to a former investment banker, who also pleaded guilty to charges that he illegally traded on the information through an offshore bank account.

Reich was ultimately readmitted to the bar after his release from prison, previous reports show. The second time around, he started out working for New York law firm Olshan Grundman Frome Rosenzweig & Wolosky as a corporate attorney.

Reich became co-CEO of the firm in 2000, but was put on permanent leave by the firm’s board after sexual harassment allegations surfaced against his co-CEO, Richard Babbit. However, Reich was awarded a $10 million severance package, news reports show.

In 2005, Reich was diagnosed with a brain tumor — following a plane accident — that left him temporarily paralyzed on the right side of his body. He has since recovered, news reports show.

He is currently the president and CEO of medical equipment company Vizio Medical Devices, whose products are in the development stage, Reich said.

Serhant, Jabbour and Zabakolas did not immediately respond to requests for comment.


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