Weekly Real Estate News
Summary
Federal prosecutors charged Andrew Laub with one count of wire fraud on November 10, 2026, alleging more than $5 million in losses from purported real estate investments. These are allegations; Laub is presumed innocent.
Federal prosecutors charged a New York man Tuesday with wire fraud, alleging that he persuaded friends and acquaintances to invest millions of dollars in real estate transactions that never took place and diverted their money to personal spending and payments to other investors.
Andrew Laub, 59, of Goldens Bridge, was arrested November 10 and appeared before a federal magistrate judge in White Plains, according to the U.S. Attorney’s Office for the Southern District of New York. Prosecutors allege the scheme caused more than $5 million in investor losses. The charge is an accusation, and Laub is presumed innocent unless proven guilty.
Properties described in solicitations
The government alleges that between at least 2020 and December 2025, Laub presented himself as a real estate developer with experience at a firm managing more than $750 million in assets. He allegedly approached people with whom he had longstanding relationships and proposed investments in purchasing, renovating and reselling properties in New York and elsewhere.
According to the complaint as summarized by prosecutors, the solicitations included descriptions of properties in Westchester County and the Bronx, proposed purchase prices and expected profits. Investigators allege Laub sent fabricated emails and executed investment agreements that gave investors the impression that property purchases had occurred. Those representations have not been adjudicated as facts.
Prosecutors further allege that investor funds were instead used to repay earlier investors, pay personal expenses and finance gambling. They said an investor recorded a call in which Laub admitted that money had not been invested in the properties as promised. The existence and meaning of that alleged recording remain matters for the judicial process.
The Justice Department said Laub faces one count of wire fraud, which carries a statutory maximum sentence of 20 years. That maximum is not a prediction of any sentence. The government must prove the elements of the charge beyond a reasonable doubt to obtain a conviction.
Due diligence questions for property investors
The case illustrates the risks that can arise when investment decisions rely on personal relationships and documents supplied by the person seeking funds. Independent confirmation of property ownership, purchase contracts, escrow arrangements and the destination of investor funds can be particularly important when an offering promises profits from specific acquisitions or renovations.
Real estate investors can examine public land records and use independent counsel or qualified custodians to verify transaction details. Such checks cannot eliminate fraud risk, and the allegations here should not be taken as proof of misconduct by other developers or investment sponsors. Nor does the complaint establish that every promised transaction or every investor relationship followed the same pattern.
The government identified the U.S. Postal Inspection Service as an investigative agency and said the case is being handled by prosecutors in the White Plains division. A criminal complaint initiates proceedings; it is not a judicial finding of guilt. Subsequent filings, any indictment and the defendant’s response will be necessary to assess how the case develops.
Primary source: U.S. Attorney’s Office, November 10, 2026, announcement and linked criminal complaint.
