Light Rain Fog/Mist 44°
Tag:

Michael Paul Enterprises

News
Area Real Estate Developer Sentenced For $58M Ponzi Scheme Area Real Estate Developer Sentenced For $58M Ponzi Scheme
Area Real Estate Developer Sentenced For $58M Ponzi Scheme A real estate developer will spend time behind bars for operating a years-long $58 million Ponzi scheme that included properties in the area. Michael D’Alessio, 53, was sentenced on Friday, April 5 to six years in prison for his elaborate scheme to defraud investors in luxury real estate developments in Manhattan, the Hamptons, Westchester and elsewhere.  In addition to the prison term, D'Alessio was sentenced to three years of supervised release and order to pay forfeiture in the amount of $58,090,047. D'Alessio is the former president and CEO of real estate development firm Michael …

SHARE

by Joe Lombardi
Real Estate
Area Real Estate Developer Charged In Investment Scheme Area Real Estate Developer Charged In Investment Scheme
Area Real Estate Developer Charged In Investment Scheme A real estate developer is facing up to two decades behind bars for operating an alleged years-long Ponzi scheme that included properties in the Hudson Valley. Michael D’Alessio, 52, has been charged with committing wire fraud in connection to his elaborate scheme to defraud investors in luxury real estate developments in Manhattan, the Hamptons, Westchester and elsewhere. D'Alessio is the former president and CEO of real estate development firm Michael Paul Enterprises in White Plains. A career real estate developer and contractor, D’Alessio was the CEO of an investment and development fi…

SHARE

by Zak Failla
News
Investors In Fairfield County Seek $17M From Developer In Fraud Suit Investors In Fairfield County Seek $17M From Developer In Fraud Suit
Investors In Fairfield County Seek $17M From Developer In Fraud Suit More investors from Westchester and Connecticut are demanding at least $17 million in damages and a court order stopping White Plains developer Michael D’Alessio and Michael Paul Enterprises from selling or transferring properties. They claim he misappropriated their funds on housing projects in Scarsdale and Manhattan. D’Alessio and his enterprises carried out a massive scheme to defraud them, investors allege in three lawsuits filed in Westchester Supreme and County Court. The Westchester Bank also sued, demanding $881,000 on a $1 million loan D’Alessio took out in 2015, according to new…

SHARE

by Jon Craig