Daily News Steals The Empire State Building – Why Real Estate Fraud Is So Easy
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If you are wondering why it is so easy to commit real estate fraud, read this and see how easy it was for the New York Daily News and it’s reporters to steal the Empire State Building. Legally, by filing bogus paperwork, the building was owned by the Daily News for a short time.
The News swiped the 102-story Art Deco skyscraper by drawing up a batch of bogus documents, making a fake notary stamp and filing paperwork with the city to transfer the deed to the property.
Some of the information was laughable: Original “King Kong” star Fay Wray is listed as a witness and the notary shared a name with bank robber Willie Sutton.
The massive ripoff illustrates a gaping loophole in the city’s system for recording deeds, mortgages and other transactions.
The loophole: The system – run by the office of the city register – doesn’t require clerks to verify the information.
Less than 90 minutes after the bogus documents were submitted on Monday, the agency rubber-stamped the transfer from Empire State Land Associates to Nelots Properties LLC. Nelots is “stolen” spelled backward. (The News returned the property Tuesday.) Via the NY DAILY NEWS
Stories like this make me want to go down to the local deed office and make sure every thing is okay.
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Comment by JDallas on 4 December 2008:
That’s awful. I wonder if using that tactic , if a building can be sold or used as collateral. Now THAT would be really interesting.
Comment by Mark Madsen on 4 December 2008:
What an awesome way to generate traffic for a story. Were they trying to time that for Sweeps Week? I wish I thought of that.
Comment by Shawn on 5 December 2008:
Now that should teach people to always be careful. Never get too full of yourself and think you don’t have to follow through and check out the details….that was a funny article though.
Thanks