New York Real Estate Investor Hochfelder Accused of Grand Larceny
Commercial real estate offers amazing rewards, but the downside can also be devastating. When things are going well on can be benevolent and gracious. However, when things start falling apart people tend to get desperate.
That seems to be what is facing Adam Hochfelder as he is now facing charges that he stole 17 million dollars from a number of investors and lenders. 10 years ago Hochfelder was a 20 something wonderkid, he could do no wrong. But when things went bad, so did the pressure to cut corners.
Now Adam Hochfelder is facing 25 years in jail for Grand Larceny.
Mr. Hochfelder, now 37, was chairman and chief executive of Max Capital Management Corp., which bought numerous properties, including 230 Park Ave. the office tower that straddles Park Avenue and was formerly owned by real-estate legend Harry Helmsley. Mr. Hochfelder built a portfolio that, he claimed, was worth about $2.7 billion.
But about four years ago, Mr. Hochfelder began defaulting on loans and became the subject of lawsuits by former business associates and family members.
The crimes charged in Mr. Morgenthau’s indictment allegedly occurred between October 2002 and February 2008. The indictment charges that Mr. Hochfelder borrowed $17 million from partners, family members, friends and banks by misrepresenting the value of his personal and professional holdings. He also allegedly provided North Fork Bancorporation and Bank of America Corp. forged documents inflating his liquidity and assets. via WSJ.com.
Great points Tom - the flavor of the day solution is only adding to the instability and volatility.
When Washington ...
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