The Real Deal Miami

Broker loses $330,000 to scam

January 27, 2009 02:30PM

Corinne Lozach, a Palm Beach real estate broker, lost $330,000 when she invested in a real estate scam, believing she was investing in three Manhattan properties worth $3.6 million. Lozach allegedly told police she had befriended Vincent Demase in 2006, and that he told her in 2007 that he had gotten nine investors together to buy defaulted mortgages on the Manhattan properties and sell them for the loan amount and interest. Demase also allegedly told Lozach that if she invested, she would receive 6 percent interest per year, she said. But instead, Demase reportedly used Lozach’s investment to buy a luxury car, fix his boat, settle bills and pay his ex-wife’s lawyer. Demase was arrested yesterday.