NY AG Hits Africa Israel With Temporary Condo-Sale Ban

Law360, New York (February 28, 2014, 8:02 PM EST) -- Attorney General Eric T. Schneiderman's Friday order barring Africa Israel Investments Ltd. from selling condos in New York pending a fraud investigation was an uncommonly heavy-handed one and signals a rare willingness to block major developers from doing deals, experts say. 

The attorney general's office said Friday that Africa Israel, certain of its affiliates and condo developer Jeshayahu Boymelgreen have been barred from offering securities for the time being, as the Real Estate Finance Bureau investigates allegations of fraud in offerings at the Downtown Condominium on Wall Street....
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