NY Real Estate Execs Admit Invoice Fraud On $573M Project

Law360, New York (April 25, 2012, 6:13 PM EDT) -- Two executives of a New York real estate management and development company pled guilty in federal court this week to carrying out a duplicate invoice scheme in connection with a $573 million residential project in Battery Park, federal prosecutors announced Wednesday.

J. Christopher Daly, who pled guilty Wednesday, and Michael Abreu, who copped to the scheme Tuesday, are officials at Sheldrake Organization Inc. They admitted to bilking an unnamed foreign lender out of more than $2 million to help keep its development of the luxury condominium...
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