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Golan Barak, Wire Fraud, Pennsylvania 2017
A Pittsburgh man has been found guilty of defrauding investors out of nearly $1.4 million in real estate investments, according to federal authorities.
Golan Barak, 49, of Pittsburgh, pleaded guilty to one count of wire fraud before Senior U.S. District Judge Donetta W. Ambrose. The crime occurred between 2013 and 2016, when Barak induced foreign nationals, mostly of Israeli descent, to invest with him in real estate in Pittsburgh.
Barak admitted to defrauding one investor out of approximately $1,400,000 connected with the purchase of 12 pieces of real estate throughout the Pittsburgh area. The money was used instead to buy other properties, or for Barak’s expenses in his management company, Ergo Management.
The FBI conducted the investigation leading to the conviction in this case. Assistant United States Attorney Gregory C. Melucci is prosecuting this case on behalf of the government.
According to federal guidelines, Barak faces a total sentence of 20 years in prison, a fine of $250,000, or both at each count. Judge Ambrose scheduled sentencing for August 21, 2017.
This case serves as a reminder that the federal government will not tolerate those who engage in financial crimes and will seek justice for those who have been victimized.
Key Facts
- State: Pennsylvania
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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