Feds Charge Westchester Man In Multimillion-Dollar Real Estate Fraud Scheme

GOLDEN'S BRIDGE, NY — Westchester County property is among the most valuable in the world, but all that glitters is not gold.

Federal investigators say a Golden's Bridge man is behind a massive real estate scam.

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United States Attorney for the Southern District of New York, Jamie McDonald, and Acting Inspector in Charge of the New York Division of the U.S. Postal Inspection Service, Darnell Edwards, announced the unsealing of a federal complaint charging Andrew Laub with wire fraud for engaging in a scheme to defraud victims out of millions of dollars by inducing them to participate in fraudulent real estate investments. Laub was arrested in Goldens Bridge and presented in White Plains federal court.

"This prosecution once again demonstrates our Office's commitment to identify and prosecute fraud," McDonald said. "Andrew Laub's alleged scheme demonstrates how easily trust can be manipulated for financial gain, and this Office will continue to pursue those who exploit it to defraud others. As alleged, Laub exploited longstanding personal relationships to convince investors to entrust him with millions of dollars for real estate deals that never materialized. Rather than invest their money as promised, Laub allegedly used it to pay off other investors, fund personal expenses, and gamble."

Federal prosecutors say that from 2020 through 2025, Laub held himself out to be a real estate developer formerly associated with a real estate investment firm that owned and managed over $750 million in assets. He approached friends or acquaintances he had known for years and solicited investments for the purchase, renovation, and resale of properties in New York, according to the charges, Laub falsely told investors that their money would be invested in real estate properties, including in Westchester and the Bronx, and that they would receive their principal with a substantial return, prosecutors said. Laub sent emails to investors describing the properties, the purported purchase price for the properties, and the alleged profits investors would receive, according to the DOJ. He also created and sent fake emails to investors and signed agreements with investors to lull them into believing that he had invested their money in the properties, as promised, investigators said. Laub would then continue to solicit investments from these investors for other purported investment opportunities, according to the allegations,

In reality, prosecutors say, as Laub later admitted to an investor on a recorded call, he did not invest the money in the properties, as promised. Instead of using victims' funds as promised, he misappropriated victims' money, including by using new investors' money to pay off prior investors in a Ponzi-like scheme and spending investor money on personal items and gambling, investigators said,

Laub fraudulently obtained and misappropriated millions of dollars through this scheme and caused more than $5 million in losses to victims, according to the allegations made in a White Plains courtroom,

"This alleged scheme was well-organized as evidenced by the fake documentation Laub showed his investors," Edwards said. 'Laub provided a false impression of legitimacy and lured his own friends and family members into this scam, all for personal gain. The Postal Inspection Service is focused on uncovering complex financial crimes, tracing the money, and guaranteeing individuals accused of dishonest tactics are held accountable. Postal Inspectors urge consumers to do their research before investing money and stay vigilant."

The 59-year-old is charged with one count of wire fraud, which carries a maximum sentence of 20 years in prison, according to the DOJ.