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Fictitious Real Estate Venture Leads to 58 Charges Against Manhatten Businessman
NEW YORK - Manhattan District Attorney Cyrus Vance, Jr., announced the arrest and second indictment of former businessman Adam Hochfelder, 39, of Manhattan, on charges of defrauding investors in two real estate deals, following an investigation by the Manhattan District Attorney’s Office.
Monday’s indictment charges Hochfelder with engaging in schemes to steal approximately $2.5 million from investors in his purported acquisition of the Sagamore Hotel on Lake George, and The Peaks Resort and Spa in Telluride, Colorado. The new charges are in addition to a scheme that already led to a 58-charge indictment against Hochfelder in 2008 for stealing more than $17 million through a series of fraudulent loans from banks, friends, and family, and through a fictitious real estate venture.
“The defendant systematically defrauded his friends, family and business associates out of millions of dollars through phony real estate deals, repeatedly abusing the trust of those who believed he was an upstanding businessman,” said District Attorney Vance. “This type of serial fraud, whether victimizing experienced speculators or novice investors, is a serious crime that can threaten the financial well-being of its victims.”
As charged in the indictment and in court filings, in addition to the Sagamore Hotel, Hochfelder also stole money from investors in a real estate project called The Peaks Resort and Spa in Telluride, CO.
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