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$150M Bank Fraud: Teaneck Landlord Gets 8 Years, No Parole
A Teaneck landlord must spend the next eight years in federal prison -- without parole -- for orchestrating a $150 million bank and securities fraud scheme.
Seth Levine, 53, was the founding partner, owner, and managing member of Norse Holdings, the parent company to more than 70 subsidiaries, U.S. Attorney Philip R. Sellinger said.
Each of the subsidiary companies owned one or more multifamily buildings, mostly in New Jersey, he said.
Beginning in 2009, Levine directed a scheme for nearly a decade to fraudulently refinance the multifamily properties by lying on refinancing appli…
