REAL ESTATE WHIZ BUSTED FOR THEFT
By LAURA ITALIANO and ZACHERY KOUWE, NY POST
EXCERPT Adam Hochfelder, a 37-year-old hotshot real-estate developer, was arrested on charges of cheating banks, relatives and friends out of more than $17M over six years. As chairman of Max Capital Management, once one of the largest commercial landlords in Manhattan, he allegedly forged numerous documents and lied about his net worth in order to secure $10M in loans from Bank of America and North Fork Bank. Among other charges, he was indicted on six counts of grand larceny, punishable by up to 25 years in prison.
Hochfelder, the son of an Old Westbury, LI garment manufacturer; he gained notoriety in 1998 when he bought 230 Park Avenue - once owned by real estate legend Harry Helmsley.
Over the course of the DA’s four-year investigation, Hochfelder has paid back a little over $12M to the two banks and his allegedly swindled friends and family members.
Prosecutors allege he took money to pay capital calls at Max Capital and for personal expenses. He was very successful at convincing people he was a successful entrepreneur, but was using borrowed money.
SOURCE http://www.nypost.com/seven/08282008/business/real_estate_whiz_busted_for_theft_126489.htm