Man Earned More Than $200K in Real Estate Scam: DA

A Queens Village man was arraigned Thursday for earning more than $200,000 from a 2014 real estate scam following the real estate closing that occurred in Syosset, according to Nassau County District Attorney Madeline Singas.

Christopher Cable, 39, was charged with second degree grand larceny and three counts second degree criminal possession of a forged instrument. He could face up to 5 to 15 years in prison if convicted.

On April 1, 2014, Cable allegedly submitted documents at a real estate closing in Syosset that claimed he was the the president of New York RE LLC.

At the closing, Cable claimed he had corporate authority to sell a Brooklyn home, located at 739 Hemlock Ave., to Hemlock House LLC, however, those documents were forged and his company was created solely for taking ownership of that property, according to the DA.

The forged documents included an updated corporate Operating Agreement and a notarized Resolution to (Purchase) (Sell) (Mortgage) dated March 31, 2014, the DA says. Forged signatures of the managing member of New York RE LLC were on each of these documents, the DA says.

The sale price of the property was $225,000 and Cable allegedly received $213,394.86 in proceeds at the closing.

The next day, the DA says Cable opened a bank account at Capital One Bank in Great Neck using a fake document entitled “Action by Sole Incorporator of New York RE LLC” dated Nov. 17, 2009. This document reportedly named Cable as a director of the company and was purportedly signed by the managing member of New York RE LLC, the DA says.

He then allegedly deposited $178,394 of those funds into the account and then withdrew basically all of the money.

The closing was insured by Commonwealth Land Title Insurance Company, which paid the $225,000 claim that was subsequently made by the purchaser, the DA says. However, the actual owner of the property reportedly sold it to another party on May 1, 2014.

At the arraignment, Cable’s bail was set at $100,000 bond or $75,000 cash and he is due back in court on Feb. 1.

“Real estate scams are always evolving and perpetrators are using new and inventive ways to defraud homeowners in Nassau County and around the state,” Singas said in a press release. “I encourage anyone who thinks they have been a victim of a real estate crime to contact my office through our 24-hour tip line.”

Nassau County residents who may have been a victim of a real estate crime are encouraged to call the NCDA Complaint tip line at 516-571-7755.

Image via NCDA