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Transit Village developer admits to taking kickbacks
![Michael Masanoff (far right) with Palm Beach County politicians](https://static.therealdeal.com/wp-content/uploads/2014/05/url.gif)
The former chairman that oversaw Tri-Rail and a $300 million, six-acre downtown development admitted under oath to accepting $100,000 in kickbacks.
On Wednesday, attorney Michael Masanoff told a jury he played both sides of the real estate deal by helping developers Edward and Arthur Falcone purchase an 18-acre cemetery in Boca Raton from two widows he previously represented, according to the Palm Beach Post.
The Falcones paid $6.1 million for Heritage Manor Memorial Park — renamed The Gardens Memorial Park. But attorneys claim the cemetery land was worth as much as $40 million.
“Did you breach your fiduciary obligation?” attorney Michael Avenatti asked Masanoff. “Yes,” Masanoff answered. [PBP] – Christopher Cameron
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