Max Capital Co-Founder Gets Prison For $20M Theft

Law360, New York (September 21, 2010, 6:46 PM EDT) -- A former real estate mogul who pled guilty to defrauding friends, family, banks and investors of almost $20 million could face up to eight years in state prison.

Adam Hochfelder, the co-founder of the real estate investment company Max Capital Management Corp., was sentenced Monday to a minimum prison term of two years and eight months, and to pay $9.5 million in restitution by New York State Supreme Court Justice Michael Obus in Manhattan.

Hochfelder, 39, pled guilty in May to 18 felony charges, including grand...
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