⏱ 2 min read
A Philadelphia real estate agent swindled 19 individuals and businesses out of $3.1 million with a fake loan scheme, prosecutors said.
Jonathan Barach, 47, used his licensed residential real estate agency, The Barach Group, to solicit millions from investors for short-term real estate financing opportunities. But no such projects existed, and Barach used the cash for personal gain.
The scheme ran from July 2017 to April 2021, with victims describing the ‘enduring financial, emotional, and mental impact’ of Barach’s theft.
Barach pleaded guilty to one count of wire fraud and one count of making an illegal monetary transaction in September 2022. On April 10, 2024, he was sentenced to 37 months in prison.
Barach was also ordered to pay back the $3.1 million and a $200 special assessment.
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📋 Key Facts
- Crime: Fraud & Financial Crimes
- Defendant: Pennsylvania
- Location: PA
- Source: DOJ Press Release
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