NEW YORK CITY—Attorney General Eric T. Schneiderman has announced a settlement agreement that bars developers Joseph Scarpinito and Shiraz Sanjana—and five affiliated entities they own and operate—from offering or selling securities, including condo and coop sales, in or from New York State.

The agreement is the result of an investigation by the Attorney General’s real estate finance bureau into allegations of fraud by the developers of the Mirada, an eight-story Harlem condominium. The agreement further provides for binding arbitration with the condo purchasers for alleged construction defects, and requires the developers to pay $500,000 in penalties and fines to New York State.  

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