An actual property dealer has been sentenced after pleading responsible to acquiring $8.5 million in unauthorized mortgage loans for properties that belonged to a 91-year-old man.
Lyndon Chin was sentenced to at least one to a few years in state jail, the Manhattan District Attorney’s Office introduced this week. The 58-year-old Northport, Long Island, man was indicted in 2018 and later pled responsible to 2 counts of first-degree grand larceny in September 2020, in response to the Manhattan DA’s Office.
Chin, appearing as an actual property dealer for the unidentified sufferer, used information of the sufferer’s actual property holdings to falsify paperwork in his firm’s identify and land $5 million in mortgage loans in October 2015 for 4 of Chin’s Lower Manhattan properties, with out the sufferer’s information.
Chin then put about $4.4 million of the funds in a checking account he opened within the identify of the sufferer’s firm. The dealer did the identical factor from March by way of May of 2016, acquiring a further $3.5 million in mortgage loans and depositing roughly $1.9 million in a checking account particularly opened for the funds.
Chin used the cash for automotive funds, jewellery and insurance coverage funds.
“Mr. Chin blatantly took advantage of an elderly victim in order to line his own pockets,” mentioned Manhattan DA Alvin Bragg Jr.
The sufferer was later rejected for a mortgage mortgage in a separate enterprise alternative because of the mortgages Chin had obtained on his properties. The Manhattan DA’s Office then took over the case.
It’s not clear what the nonagenarian’s actual property holdings are, however he bought and offered each residential and industrial actual property. It’s additionally not clear the place Chin will likely be serving his sentence.
According to a consultant from the Manhattan DA’s Office, nevertheless, Chin is required to pay full restitution to his sufferer.
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