The Real Deal New York

Manager admits to stealing $1.5M from buildings

July 20, 2013 12:00PM

Kee Lin, a former property manager for two Chinatown buildings, pleaded guilty in New York State Supreme Court to writing unauthorized checks for more than $1.5 million and creating false bank statements to mask the fraud, Real Estate Weekly reported.

Lin, 43, admitted in court that, from November 2006 to August 2009, he stole more than $1.5 million from the buildings’ business accounts while employed as property manager for the buildings at 11 East Broadway and 128 Mott Street.

Lin had limited access to the checking accounts of both buildings, which he used to write unauthorized checks payable to cash and to his own company, AIP Realty Services.

To conceal the ongoing theft, Lin created false bank statements, which he would then submit to the buildings’ board members.

“When large sums of money are stolen from commercial buildings, those costs are often passed down to the buildings’ tenants,” said Manhattan District Attorney Cyrus Vance. “Lin’s actions not only jeopardized the financial stability of the buildings, but could have affected the many doctors, dentists, travel agents and other small business owners who work there every day.”

Lin is scheduled to be sentenced on Oct. 1. [REW] – James Comtois