In recent months, the Office of the Attorney General (OAG) and Congressman Espaillat have been flooded with complaints from both New Yorkers and victims from out-of-state regarding this fraudulent scheme.
New York Attorney General Letitia James and Congressman Adriano Espaillat have issued a warning to New Yorkers regarding real estate scams aimed at the Dominican community. This alert comes after a businessman was charged in the Dominican Republic for defrauding nearly 150 individuals, including 24 New Yorkers, with fake real estate listings. Emmanuel Rivera Ledesma, the mastermind behind the scheme, targeted Dominicans in the U.S. with false property advertisements, swindling them out of thousands of dollars through his company, InDisArq. Be cautious and vigilant to avoid falling victim to such scams.
In recent months, the Office of the Attorney General (OAG) and Congressman Espaillat have been flooded with complaints from both New Yorkers and victims from out-of-state regarding this fraudulent scheme. If you suspect that you have fallen victim to Ledesma's deceitful plan, don't hesitate to submit your complaint to the OAG. Rest assured, your complaint will be promptly forwarded to the prosecuting authorities in the Dominican Republic for further action.
“New Yorkers should always be suspicious of speculative real estate deals where they are asked to buy property sight unseen,”. “Purchasing real estate abroad can be complicated and expensive, and individuals should take precautions to ensure they are working with legitimate brokers. I thank Congressman Espaillat for notifying my office of this issue, and am proud to work with him to ensure the victims of this scam get justice. I encourage anyone who may be a victim of a real estate scam or fraud to report it to my office.”
"As public servants, we work tirelessly to ensure residents do not fall victim to scams and other fraudulent practices, and our offices took actions once Rivera Ledesma’s improper actions through his company, InDisArq, were brought to our attention,” said Congressman Espaillat. “I commend Attorney General James for her continuous efforts to hold perpetrators and bad actors accountable. Scammers are targeting communities daily, especially minorities and seniors, and we encourage anyone who suspects they have been a scam victim to contact our offices immediately.”
“It deeply alarms me to learn about schemes aimed at exploiting the hard-earned money of working-class individuals, particularly in a city economy where many struggle to make ends meet,” said Assemblymember Manny De Los Santos. “This reprehensible behavior only exacerbates the financial challenges faced by our community. We must vehemently oppose such exploitation and redouble our efforts to safeguard the financial security of those who are most vulnerable. I thank Attorney General James and Congressman Espaillat for their tireless efforts in alerting New Yorkers and identifying further victims of this deceitful scheme. Their dedication to protecting our community from such unscrupulous practices is commendable and underscores the importance of collaborative action in safeguarding the well-being of our constituents.”
“We understand generational reinvestment in immigrant home countries is a standard across our communities, especially the Dominican community,” said City Councilmember Carmen De La Rosa. “We are incredibly disheartened by the predatory scams that have targeted those seeking to invest and focus on upward mobility. We urge Dominicans to stay vigilant and proceed with caution when addressing real estate negotiations and not be afraid to report predatory behavior to the Office of the Attorney General.”
Dominican prosecutors claim that Rivera Ledesma ran a fraudulent operation by promoting real estate opportunities in Santo Domingo to Dominican expats in the US. Rivera Ledesma received hefty deposits for properties he had no authorization to develop, or that were sold to more than one buyer. When he couldn't fulfill his promises, Rivera Ledesma resorted to threatening his clients to keep them quiet.
In a press release, Attorney General James and Congressman Espaillat recommended consumers take the following precautions before investing in real estate to avoid potential scams:
Take basic steps to familiarize yourself with the business or individual offering the real estate investment opportunity prior to sending any funds or signing any contracts or agreements. This includes:
Using Google, the Better Business Bureau, and social media searches to find reliable information on the project and verify the real estate investment location, entity, and individuals offering the investment.
Personally, physically inspecting the purported real estate premises (do not rely on virtual solicitations, flyers, and advertisements alone) to try to determine whether the project is even possible at that location.
Physically visiting the project to verify if it is as far along as claimed or proposed.
Physically visiting the business’ offices, checking to make sure it has an actual footprint or operating business.
Researching or speaking to current and previous customers/clients and researching previous projects of the entity or individuals who are offering the real estate investment to discuss and identify any issues. If no previous or current clients or projects exist, this should raise red flags.
Consulting a trusted legal professional or title company capable of determining true ownership of the real estate investment property.
Consulting a trusted legal professional to help provide a full understanding of the legal documents, applicable laws, legal terms, and legal process for any of the investments, contracts, or other agreements associated with the real estate investment transaction.
Consulting a trusted legal professional who can run background checks on the entity or individual offering the real estate investment.
Retain all communications, documents, and financial records regarding the transaction and real estate investment opportunity.
If possible, do not fund any portion of the transaction with a cash transfer.
If things feel off or too good to be true, trust your instincts and think twice before investing.
New Yorkers who wish to report a real estate scam should contact local law enforcement or file a complaint with the Office of the Attorney General’s Consumer Frauds Bureau online or by calling 800-771-7755.
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