A New York man, who worked as head of the Paramus, New Jersey-based investment firm, Maywood Capital, pleaded guilty in Manhattan on Monday, to charges that he bamboozled investors out of more than $31 million in a real-estate scam.
Joseph Greenblatt, 50, accepted 32 counts, including grand larceny and securities fraud, before Maxwell Wiley, state Supreme Court justice, Bloomberg News Reported.
Greenblatt was accused of falsely misleading and luring investors to his company.
He claimed to them that their money would be used to acquire or renovate property in NYC, in return for mortgages that will make them as much as a 14 percent profit, the office of Manhattan District Attorney, Cyrus Vance.
Prosecutors referred to the investment as a Ponzi scheme.
Greenblatt received a sentence of six to 18 years in prison, Bloomberg News confirmed.
