Wednesday, May 19, 2010

Real estate scammer pleads guilty

From The Real Deal:

One of two men charged with running a $1 million real estate scam from an office in the tower at 230 Park Avenue in Midtown pleaded guilty today, authorities said.

Sharmon Wade, of Jamaica, Queens, admitted to enticing individuals into giving him and a partner $1 million using bogus claims that they would as much as double investors' money in 60 days, without any risk, through investments in commercial real estate such as a nail salon and a church, the office of the Manhattan district attorney said.

Wade was a principal with Covenant Equity Group, a bogus company prosecutors said was created to profit from the fraud. The company did not invest any of the money. Actual addresses were not provided by authorities.

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