A New York City man pleaded guilty for his role in a conspiracy to fraudulently acquire multifamily and commercial properties.
Boruch “Barry” Drillman was accused of conspiring with at least four others to deceive lenders into issuing $165 million in multifamily and commercial mortgage loans between 2018 and 2020. Drillman and his co-conspirators provided the lenders with fictitious documents, including purchase and sale contracts with inflated purchase prices.
Drillman managed BRC Williamsburg Holdings LLC, which purchased multifamily property Williamsburg of Cincinnati in Cincinnati, Ohio, and Troy Technology Holdings LLC, which purchased commercial property Troy Technology Park in Troy, Michigan. In March 2019, Williamsburg of Cincinnati was acquired for $70 million – but Drillman and his co-conspirators from Rhodium Capital Advisors presented a stolen identity to a lender and Fannie Mae with a purchase and sale contract for $95.85 million and other fraudulent documents. On March 8, 2019, Madison Title Agency performed two closings, one for the true $70 million sales price and another for the fraudulent $95.85 million sales price presented to the lender.
In September 2020, Troy Technology Park was acquired for $42.7 million. Drillman and his co-conspirators presented the lender with a fraudulent purchase and sale contract for $70 million, as and they also provided the lender and appraiser a fraudulent letter of intent to purchase the property from another party for $68.8 million and other fraudulent documents. To conceal the fraudulent nature of the transaction, Drillman and his co-conspirators arranged for a short-term $30 million loan, which was used to make it appear that they had the funds needed to close on the loan. On Sept. 25, 2020, Riverside Abstract performed two closings, one for the true $42.7 million sales price and another for the fraudulent $70 million sales price presented to the lender.
Drillman pleaded guilty to one count of conspiracy to commit wire fraud affecting a financial institution. He is scheduled to be sentenced on April 16, 2024, and faces a maximum penalty of five years in prison.
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I am guessing the market crash along with the saying of “it’s not if you get caught, it is when” had never entered their minds. Greed all day long….
Yep…..under Biden anything is possible. “Let’s Go Brandon”.
Are all these “people” learning from Trump🤔😂
I find Real Estate all a big game. It’s no longer the American Dream but mostly seen as an investment for portfolios. Realtors just provide the legal forms but can offer no legal advice as to what the forms mean. Then the Sellers are responsible to fill out sellers disclosures which the Realtor, again, is not able to advise on anything alleviating the Realtor from any liability. Mortgage officers will use many different strategies to get loans through often leaving the buyers on a shoestring budget in order to keep up with mortgage payments and many can’t so the Banks just take the homes back and start the process all over again. It’s sad.
At least he didn’t sell out the USA to Russia, Ukraine, China, and Romania. Then spend the money on hookers, pimps and drugs.