Michael D'Alessio Michael D’Alessio

NEW YORK CITY—Michael D’Alessio, the former president and CEO of Michael Paul Enterprises LLC in White Plains, was charged in federal court with wire fraud in a scheme to defraud investors. If convicted, the maximum sentence is 20 years behind bars.

The indictment says the 52-year-old New York resident developed luxury real estate properties in Manhattan, the Hamptons, and Westchester County and elsewhere. It states that the projects typically followed this model: D’Alessio sought investments by offering to sell shares in a newly formed limited liability company named after the location of the real estate to be developed and sold. D’Alessio would promise a monthly interest and a share in the profits from the sale of the property. He would represent that investor funds would be used to develop specific properties and to cover related business expenses.

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Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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