White Plains developer charged with defrauding investors in luxury projects

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White Plains developer Michael D’Alessio has been arrested and charged with wire fraud for defrauding investors in luxury real estate projects in Westchester, Manhattan, the Hamptons and other locations, the Fairfield Daily Voice reported. D’Alessio would form LLCs and tell investors who bought shares of the company that their funds would only be used for expenses related to that LLC, but he was actually “misappropriating investor funds for his own use and benefit” from at least 2015 through April 2018, according to the U.S. Attorney’s Office for the Southern District of New York. If D’Alessio is convicted, he’ll face a maximum sentence of 20 years in prison, the outlet reported. [FDV]

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