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Commercial
South Florida

WPB developer’s CFO jailed for embezzling $300K to support his gambling addiction

Neil Reisman confessed to forging Michael McCloskey's signature on 155 checks while at FRI Investors

Neil Reisman (Credit: Palm County Jail)
Neil Reisman (Credit: Palm County Jail)

West Palm Beach developer Michael McCloskey’s CFO admitted to embezzling more than $300,000 to maintain his gambling addiction, according to police.

Neil Reisman forged McCloskey’s signature on at least 155 checks made out to “cash” over a 14-month period, and spent the funds at the Seminole Casino Coconut Creek, the Palm Beach Post reported, citing a West Palm Beach police report.

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Reisman, 60, of Boynton Beach was arrested and charged Sunday with grand theft of more than $100,000. He remained at the Palm Beach County Jail, with his bail set at $15,000, according to the newspaper.

After McCloskey, CEO of FRI Investors, discovered the check forging, Reisman provided a written and videotaped confession admitting to his gambling addiction. He was fired but the company helped him get treatment, according to the Palm Beach Post.

McCloskey’s real estate investments include the former Bank of America building in West Palm Beach, which he and his partner purchased for $23 million in 2016.  [Palm Beach Post]  — Ina Cordle

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Commercial Real EstateCrime