Troy Technology Park was acquired for $42.7 million. Nevertheless, Drillman and his co-conspirators presented the lender with a deceptive purchase and sale contract worth $70 million. Furthermore, in order to substantiate the inflated purchase price, Drillman and his co-conspirators submitted a fraudulent letter of intent to purchase the property from another party for $68.8 million, along with other fraudulent documents, to the lender and appraiser.
A man from New York pleaded guilty to participating in a widespread conspiracy spanning several years, aimed at fraudulently obtaining loans worth over $165 million and acquiring multifamily and commercial properties through fraudulent means.
As per court records, between 2018 and 2020, a 36-year-old individual named Boruch "Barry" Drillman, residing in New York, collaborated with at least four others to deceive lenders into granting multifamily and commercial mortgage loans. Drillman and his accomplices presented lenders with fabricated documents, including purchase and sale contracts featuring inflated purchase prices. Drillman was in charge of managing BRC Williamsburg Holdings LLC, which acquired the multifamily property Williamsburg of Cincinnati in Cincinnati, Ohio, and Troy Technology Holdings LLC, which purchased the commercial property Troy Technology Park in Troy, Michigan.
In March 2019, Williamsburg of Cincinnati was purchased for a sum of $70 million. However, Drillman and his accomplices from Rhodium Capital Advisors employed a stolen identity to present a lender and Fannie Mae with a purchase and sale agreement for $95.85 million, along with other deceitful documents. On March 8, 2019, Madison Title Agency conducted two closings, one for the actual sales price of $70 million and another for the fraudulent sales price of $95.85 million that was presented to the lender.
In September 2020, Troy Technology Park was acquired for $42.7 million. Nevertheless, Drillman and his co-conspirators presented the lender with a deceptive purchase and sale contract worth $70 million. Furthermore, in order to substantiate the inflated purchase price, Drillman and his co-conspirators submitted a fraudulent letter of intent to purchase the property from another party for $68.8 million, along with other fraudulent documents, to the lender and appraiser.
To mask the fraudulent nature of the transaction, Drillman and his co-conspirators arranged for a short-term loan of $30 million, which was utilized to create the illusion that they possessed the necessary funds to complete the loan. On September 25, 2020, Riverside Abstract conducted two closings, one for the actual sales price of $42.7 million and another for the fraudulent sales price of $70 million that was presented to the lender.
Drillman has entered a guilty plea for one count of conspiracy to commit wire fraud that affected a financial institution. On April 16, 2024, he is scheduled to be sentenced and could face a maximum penalty of five years in prison. The final decision on his sentence will be made by a federal district court judge, who will take into account the U.S. Sentencing Guidelines and other relevant statutory factors.
The announcement regarding this case was made by Acting Assistant Attorney General Nicole M. Argentieri of the Justice Department’s Criminal Division, U.S. Attorney Philip R. Sellinger for the District of New Jersey, Inspector General Brian M. Tomney of the Federal Housing Finance Agency Office of Inspector General (FHFA-OIG), and Postal Inspector in Charge Eric Shen of the U.S. Postal Inspection Service’s (USPIS) Criminal Investigations Group.
The FHFA-OIG and USPIS are currently conducting an investigation into this matter.
Trial Attorneys Siji Moore of the Criminal Division’s Fraud Section and Assistant U.S. Attorney Martha Nye for the District of New Jersey are responsible for prosecuting this case.
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