New York Woman Charged in Real Estate Investment Scheme
NEWARK, NJ—A New York woman was charged today with running a real estate investment scheme that defrauded victims of hundreds of thousands of dollars, U.S. Attorney Paul J. Fishman announced.
Alisa Adler, 54, of New York, is charged by complaint with one count of wire fraud. Adler made her initial appearance this afternoon before U.S. Magistrate Judge Steven C. Mannion in Newark federal court. She was released on unsecured $100,000 bond.
According to the criminal complaint:
From January 2009 through December 2011, Adler took loans and investments from multiple victims and told them that their money would be used to purchase and develop real estate projects through her company, ASG Real Estate Services Group Inc. To induce potential victim investors to give her money, Adler provided them with promotional materials and other documents, and told them that their money would be repaid within a certain amount of time.
Instead, Adler allegedly perpetrated a Ponzi scheme in which she used new investor money to fund principal and interest payments to existing investors and to pay for her own personal expenses. For instance, in May 2010, after soliciting a victim to invest $500,000 to fund a real estate acquisition in or around of Kerkonkson, New York, Adler instead used most of the money to pay other investors and to pay her household bills, transportation costs, meals and entertainment.
The wire fraud count carries a maximum potential penalty of 20 years in prison and a $250,000 fine, or twice the amount of the loss caused by the offense.
U.S. Attorney Fishman credited special agents with the FBI, under the direction of Special Agent in Charge Richard M. Frankel in Newark, with the investigation leading to the charge.
The government is represented by Special Assistant U.S. Attorney Andrew R. Tyler of the U.S.
The charge and allegations contained in the complaint are merely accusations, and the defendant is considered innocent unless and until proven guilty.