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(1/2) “Today’s sentence is a reminder that there is no free pass for fraudsters like the defendant who shamefully stole public funds intended to alleviate the suffering of New Yorkers during the height of the COVID-19 pandemic,” stated United States Attorney Nocella.
Brooklyn Man Sentenced to 60 Months in Prison for $1.75 Million Covid-19 Unemployment Fraud https://t.co/BwQMui8WzS
7 years of bad luck on #ElieSchwartz. That w/his sentence in what feds called the biggest #fraud in #crowdfunding history. 'You trusted me w/your hardearned money+I betrayed your trust' #realestate #Nightingale #CrowdStreet https://t.co/QBgFkFWzNT
Elie Schwartz, CEO of Nightingale Properties, has been sentenced to 87 months in federal prison for orchestrating a $63 million real estate crowdfunding fraud, described by federal authorities as the largest fraud in real estate crowdfunding history. The investment fraud scheme involved defrauding investors on the CrowdStreet platform. The Department of Justice confirmed the sentence and highlighted the case's impact on the commercial real estate investment sector. This sentencing underscores increased scrutiny on crowdfunding investment platforms amid rising concerns about investor protection.
