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“Madoff of landlords’ heads to jail after pleading guilty to fraud

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.

Source: http://nypost.com/2017/06/06/madoff-of-landlords-heads-to-jail-after-pleading-guilty-to-fraud/

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