A New York City real estate executive was indicted for his part in a scheme to steal $30 million intended for a real estate investment.
According to the allegations in the indictment, Kevin Feng Gao used an unauthorized bank account in the name of a company that managed a real estate development project in Manhattan. At the time, Gao was an executive at another company participating in a joint venture to develop the project. However, GAO did not receive authorization from the management company to open the account in its name.
When Gao applied to open the fraudulent account, he made false representations to bank employees. When a representative of the bank asked for a copy of the management company’s operating agreement, Gao provided a fraudulent document instead of producing the genuine operating agreement.
After Gao created the fraudulent account, an investment company agreed to invest $30 million in the real estate development. But the investment company transferred its $30 million into the Gao’s fraudulent account – after receiving the funds, dispersed the money to several accounts controlled by Gao and his co-conspirators.
Gao is charged with one count of bank fraud, which carries a maximum sentence of 30 years in prison.
stupidity on part of everyone. the minutes would have advised who could do what. usually takes 2 people.
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