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Landlord Admits to $150M Fraud Scheme

The owner of 70 multi-family properties has pleaded guilty to running what federal prosecutors described as a $150 million bank and securities scam lasting 10 years. So reports the Teaneck, N.J. Daily Voice.

New Jersey landlord Seth Levine told a U.S. District Court judge that he falsified refinancing applications for the properties, according to Acting U.S. Attorney for New Jersey Rachael Honig.

Levine also orchestrated a securities fraud scheme that bilked the properties’ investors, according to Honig. Sentencing was set for July 26.

Read the full article from Teaneck, N.J. Daily Voice.

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