Real Estate Mogul Hochfelder Arrested For Stealing $17 Million From Banks, Individuals

Hot-shot real-estate investor Adam Hochfelder allegedly employed creative business tactics, such as grand larceny and forgery.

WSJ: Manhattan District Attorney Robert Morgenthau announced that he has arrested and indicted highflying real-estate investor Adam Hochfelder for allegedly “stealing more than $17 million from a panoply of banks and individuals.”

Mr. Hochfelder, who dazzled the New York real-estate industry in the late 1990s, when he could buy trophy properties less than 10 years out of college, was charged with grand larceny, forgery, falsifying business records and other crimes. The most serious charge, grand larceny, is punishable by as many as 25 years in prison.

Mr. Hochfelder and his attorney, Paul Goldberger, didn’t return calls seeking comment.

Mr. Hochfelder, now 37, was chairman and chief executive of Max Capital Management Corp., which bought numerous properties, including 230 Park Ave. the office tower that straddles Park Avenue and was formerly owned by real-estate legend Harry Helmsley. Mr. Hochfelder built a portfolio that, he claimed, was worth about $2.7 billion.

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