The Real Deal New York

Brooklyn developer, 14 others charged with mortgage scam

U.S. Attorney claims Irving Rubin and family members cheated banks, took public assistance
November 14, 2014 01:10PM

Brooklyn real estate developer Irving Rubin and several of his family members were charged with defrauding banks and other lenders of $20 million over a decade.

The U.S. Attorney’s office accused 15 people yesterday of obtaining millions from more than 20 fraudulent bank loans and accepting thousands in public assistance. The defendants allegedly claimed in public-assistance applications that they had very little income. 

Meanwhile, their bank-loan documents show extensive assets and income.

“We are digesting the information contained in the rather extensive indictment that was filed. It’s much too early to make any kind of a comment,” George Farkas, Irving Rubin’s attorney, told the Wall Street Journal. [WSJ]Mark Maurer