Westchester man charged in multimillion-dollar real estate fraud scheme
He was caught after admitting on a call that he used investors' money to pay off prior investors, and on personal items and gambling.
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A Westchester County man has been charged in a multimillion-dollar real estate fraud scheme.
The U.S. Attorney says Andrew Laub posed as a real estate developer for six years and got people to invest in properties around Westchester and the Bronx. He was caught after admitting on a call that he used investors' money to pay off prior investors, and on personal items and gambling.
Prosecutors say he scammed New Yorkers out of roughly $5 million.
Laub now faces up to 20 years in prison.
