Developer pleads guilty to $58M ponzi scheme involving projects in Manhattan and the Hamptons

A White Plains real estate developer pleaded guilty on Thursday to defrauding investors in his development projects in Manhattan, the Hamptons and Westchester. Michael D’Alessio, former CEO and president of Michael Paul Enterprises, funneled more than $58 million of investor money to shell accounts he controlled, which he then used to pay off his gambling debt, cash out early investors and cover other debts, according to U.S. Attorney Geoffrey Berman. D’Alessio allegedly offered shares in […]

Source: Real Estate

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