Massive Condo Scam In New York

Zevulun writes:

According to a Letter by Rabbi Avrohom Osdoba, a Snitch, a ‘Moser’, who causes a Jewish persons arrest, Rabbi Avrohom Osdoba letter proposes that he may be executed, (Killed) literally by Jewish Vigilante Executioners, according to Halacha, Rabbi Osdoba says. Rabbi Osdoba letter is in Hebrew but that’s what he is implying in his letter, indirectly. Now Rabbi Avrohom Osdoba (one of two elected Rabbi’s of the community) is between a Rock and a Hard Place because his prior Halachic Rulling to execute a Snitch could backfire on Rabbi Osdoba now, since currently his own son Rabbi Y. Osdoba is the Snitch which caused the Ezagui Arrest.

From the New York Daily News:

No bail after fugitive developer busted, charged in massive condo scam

BY JOHN MARZULLI AND WILLIAM SHERMAN
DAILY NEWS STAFF WRITERS

Wednesday, July 16th 2008, 4:00 AM

A Brooklyn developer accused of swindling some 40 Crown Heights families out of millions was ordered held without bail Tuesday night after returning from his Israel hideout.

Eliyahu Ezagui, 47, pocketed $15 million in mortgages on condos he sold to families living in two buildings he developed in the Brooklyn neighborhood. Authorities said it was the biggest local case of subprime mortgage fraud on record.

All the families are Hasidic, like Ezagui, and face eviction because Ezagui stopped making payments on the buildings at 770 Lefferts Ave. and 613 East New York Ave. He obtained the mortgages because he kept the apartments’ deeds, rather than turning them over to buyers.

Ezagui fled to Israel late last year after his scheme started unraveling and was arrested on a warrant Sunday at Kennedy Airport.

Federal Magistrate Marilyn Go rejected bail backed by a building owned by Ezagui’s brother Solomon after prosecutor Jonathan Green argued Ezagui was a flight risk, entering The News articles as evidence.

Meanwhile, tenants facing eviction, most of whom knew Ezagui, had mixed emotions about his arrest. Jeff Minsky, who lives at 613 East New York Ave., said, "He has a wife and children, and I don’t like to see anyone like that go to jail, but he did something that is getting us thrown out after he had chances to fix it. He has the money."

Robert Tolchin, lawyer for 17 tenant families facing eviction, said litigation with mortgage lending banks and Ezagui is continuing in Brooklyn Civil Court. Numerous foreclosure notices have been served, but no tenants have been evicted.

"Ezagui passed up many chances to straighten out this mess. The law finally caught up with him," Tolchin said.

In April, Ezagui told The News he was bankrupt, that he had tried develop the buildings properly and transfer the deeds to the tenants, but ran out of money.

In a telephone interview from Israel, Ezagui said he obtained the mortgages, including 13 in his mother’s name, to pay off more than $3.3 million in loans he took out to finance construction of the buildings.

"I’m bankrupt. I hurt my parents, my family and I destroyed everything," Ezagui told The News.

About Luke Ford

I've written five books (see Amazon.com). My work has been followed by the New York Times, the Los Angeles Times, and 60 Minutes. I teach Alexander Technique in Beverly Hills (Alexander90210.com).
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