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

TRD 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
From left: The Blau and Berg Company's Karine Blanc, TD and Partners' Nana Duncan and Lemor Development Group's Kenneth Morrison (Credit: Blauberg, TD+Partners and Lemor)

Black developers say partnerships aren’t always equal

85 4th Avenue in Brooklyn (Credit: Google Maps)

New details of Boerum Hill’s next big project unveiled

TF Cornerstone president Frederick Elghanayan and 595 Dean Street (Credit: CityRealty, Google Maps)

TF Cornerstone’s Prospect Heights two-tower project unveiled

Assemblyman David Chiu and Gov. Gavin Newsom (Credit: Wikipedia and iStock)

California passes landmark rent control law

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

Chicago’s top 5 general contractor firms were approved to build over 9 million square feet of new development

The construction giants catching a Windy City windfall

David Marx of MDG Real Estate and the site at 71-05 Parsons Boulevard in Queens (Credit: Google Images and iStock)

Here’s a weird one: David Marx plans towers at Queens site he bought from his own company

Resi scorecard: Brooklyn and Queens condo inventory through June 2019

Resi scorecard: Brooklyn and Queens condo inventory through June 2019

arrow_forward_ios