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.
“In reality, D'Alessio allegedly commingled investor funds and used them to pay his own debt, fund his own gambling, and pay personal expenses,” says Manhattan US Attorney Geoffrey S. Berman.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
