The “Madoff of landlords” is headed to jail for a year after pleading guilty Tuesday to mortgage fraud.
Steven Croman, whose portfolio includes 140 buildings, also agreed to pay $5 million in restitution — $3 million before his sentencing Sept. 19, $1 million by September 2018 and the last $1 million by 2019.
Dubbed the “Bernie Madoff of landlords” by Attorney General Eric Schneiderman, Croman was charged with filing bogus paperwork to get $45 million in bank loans. He then bought up buildings with rent-regulated tenants and went on an aggressive campaign to convert the apartments into pricey market-rate units through buyouts and harassment, the AG charged.
Croman’s lawyers said he accepts responsibility.