TRENTON, N.J. – Aron Puretz, a 53-year-old New Jersey real estate investor, has pleaded guilty to orchestrating an elaborate conspiracy that defrauded lenders out of over $54.7 million in mortgage loans. The plot, spanning from 2016 to 2022, involved the fraudulent acquisition of multifamily and commercial properties.
Puretz, who worked for Apex Equity Group and owned properties like Maple Lawn in Illinois and Big Country Chateau in Arkansas, provided lenders with fake documents including inflated purchase contracts and forged financial statements. He faces up to five years in prison after admitting to conspiracy to commit wire fraud affecting a financial institution. Sentencing is scheduled for October 30, 2024.
According to court documents, Puretz’s scheme involved the use of false identities and nonprofit entities like JPC Charities to obtain tax-exempt status for properties he had no right to claim. One such instance was the acquisition of Maple Lawn in Eureka, Illinois, where a true $4.1 million sale was concealed behind a fraudulent $5.8 million contract.
Big Country Chateau in Little Rock, Arkansas, and Troy Technology Park in Michigan were also acquired using similar methods. In one case, Puretz presented a fraudulent purchase and sale contract for $70 million to support an inflated price that was ultimately disclosed as $42.7 million.
The investigation is being conducted by the Federal Housing Finance Agency Office of Inspector General (FHFA-OIG) and the U.S. Postal Inspection Service’s Criminal Investigations Group, with Assistant U.S. Attorney Martha Nye and Trial Attorney Siji Moore handling prosecution.
U.S. Attorney Philip R. Sellinger and Principal Deputy Assistant Attorney General Nicole M. Argentieri led the announcement of Puretz’s guilty plea. The case underscores the ongoing efforts to combat white-collar crime and financial fraud in the real estate sector.
Related Federal Cases
- Live Nation Faces Trial Over Monopoly Practices · Washington
- Amgen Pays $71M for Pushing Drugs Off-Label · Washington
- Amgen Inc. $71M Settlement · Washington
- Western Union Scam · Washington
- Live Nation & Ticketmaster Face Antitrust Fight in NY · Washington
Key Facts
- State: New Jersey
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|White Collar Crime|Organized Crime
- Source: Official Source ↗
🔒 Get the grimiest stories delivered weekly. Subscribe free →
Browse More
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News