Upper East Side developer funded “lavish lifestyle” through mortgage fraud: Manhattan district attorney

New York /
Jul.July 11, 2019 09:00 AM
Penny Bradley (Credit: Getty Images)

Penny Bradley (Credit: Getty Images)

Manhattan developer Penny Bradley has been arrested and charged with allegedly running a multimillion-dollar mortgage fraud scam and using the proceeds to fund her “lavish lifestyle.”

Prosecutors from the office of Manhattan District Attorney Cyrus Vance Jr. alleged that Bradley, 54, illegally obtained millions of dollars in loans against an LLC established to buy, renovate and sell a 7,400 square-foot property at 46 East 82nd Street.

She was the sole managing member of the company, and allegedly forged multiple member signatures to secure funds for her own use, according to the DA’s office.

Prosecutors said Bradley used the money to cover “rent payments, vacations, monthly payments on her auto loan for her Range Rover, and monthly parking garage fees.”

She is facing charges of residential mortgage fraud in the first degree, grand larceny in the second degree, forgery in the second degree and criminal possession of a forged instrument.

“As alleged, Penny Bradley cashed in on her insider position and stole company funds to support her lavish lifestyle,” D.A. Vance said in a statement.

In 2015, Bradley allegedly obtained a loan from Global Payment Services Limited, allowing the lender to record a lien against the 82nd Street property if she failed to pay the money back by the required date.

In 2016, she applied for a new loan to refinance the mortgage, and was told she needed written consent from members of the LLC. According to prosecutors, she then forged at least two signatures, and the loan was approved. She defaulted on it in December 2017.

Bradley pleaded not guilty in Manhattan criminal court Wednesday, the New York Post reported. She was being held on $400,000 bail.

[New York Post] — Sylvia Varnham O’Regan


Related Articles

arrow_forward_ios
Meredith Marshall (Photo by Emily Assiran)
“We need more housing”: Q&A with BRP Companies’ Meredith Marshall
“We need more housing”: Q&A with BRP Companies’ Meredith Marshall
(iStock/Photo Illustration by Kevin Rebong for The Real Deal)
Dubious gentrification study will backfire on New York City
Dubious gentrification study will backfire on New York City
Ryan Serhant and Gary Barnett on Development Slowdown in Pandemic
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
227 Grand Street in Williamsburg, and the Tel Aviv Stock Exchange (far left)
“I suppose a lot of people have a full stomach from what he did:” Inside Yoel Goldman’s very bad year
“I suppose a lot of people have a full stomach from what he did:” Inside Yoel Goldman’s very bad year
Modell's at 360 Fulton Street, Brooklyn (Google Maps)
Former Modell’s site in Downtown Brooklyn up for sale
Former Modell’s site in Downtown Brooklyn up for sale
Corey Johnson (Getty, iStock)
When NIMBYs attack: Why CoJo’s master plan won’t fly
When NIMBYs attack: Why CoJo’s master plan won’t fly
Mickey Rabina and renderings of his 452,132 square foot building. (Getty, Rabina, Ceruzzi Properties)
The 10 biggest new project filings in NYC
The 10 biggest new project filings in NYC
BRP Companies’ CEOs Geoff Flournoy and Meredith Marshall with an aerial 270 Nostrand Avenue in Bed-Stuy (Photos via BRP; Google Maps)
BRP Companies seeks rezoning for huge Bed-Stuy development
BRP Companies seeks rezoning for huge Bed-Stuy development
arrow_forward_ios

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

Loading...