Developer pleads guilty to $58M ponzi scheme involving projects in Manhattan and the Hamptons
He allegedly used money to pay off gambling debt, early investors
Michael DAlessio (Credit: Youtube via Crains)
A White Plains real estate developer pleaded guilty on Thursday to defrauding investors in his development projects in Manhattan, the Hamptons and Westchester.
Michael DAlessio, former CEO and president of Michael Paul Enterprises, funneled more than $58 million of investor money to shell accounts he controlled, which he then used to pay off his gambling debt, cash out early investors and cove…
Read the full article at: https://therealdeal.com/2018/11/09/developer-pleads-guilty-to-58m-ponzi-scheme-involving-projects-in-manhattan-and-the-hamptons/