Adam Hochfelder Pleads Guilty To Swindling Millions

Once considered a Manhattan real estate whiz, 39-year-old Adam Hochfelder admitted on Friday that he scammed banks and private investors – including his own uncle – out of millions and millions of dollars.

Adam Hochfelder, a former part-owner of the Helmsley Building, pleaded guilty to stealing $18 million from 15 victims. Hochfelder began duping innocent people out of their money in 2002 as a way to pay for his extravagant Manhattan lifestyle; originally Hochfelder blamed his excessive greed on a cocaine habit.

Hochfelder pled guilty to 18 separate counts, including grand larceny and scheme to defraud.

When sentenced on September 7th, Adam Hochfelder will face 4 to 12 years in prison, as well as a $9.5 million bill for restitution.

According to Hochfelder’s lawyer, Marc Agnifilo, Hochfelder has returned $15 million to his victims. Agnifilo adds that the restitution his client will pay includes interest on loans he took out fraudulently, including $5 million loans from both North Fork Bank and Bank of America.

Adam Hochfelder admitted the loans were taken out against a property located on Park Avenue, and that he failed to tell the banks the home was already heavily leveraged. He also stole millions from private investors – including $700,000 from his father’s brother – telling them their money would be invested in real estate deals.

Sadly, this sort of thing is going on all across the country – it’s nice to see swindlers get their comeuppance.

adam hochfelder guilty grand larceny

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