NY attorney, ex-cop, accused in $4.7 mln real-estate swindle involving Dom Rep
NEW YORK, May 16 (Reuters) - A New York attorney and a retired police sergeant were charged on Wednesday with stealing almost $5 million from investors who unwittingly backed a phony condominium project in the Dominican Republic.

U.S. prosecutors charged the attorney, Edward Adams of Obermayer & Adams in Manhattan, and James Monahan, who retired from the New York Police Department in 2005, with illegally draining $4,700,000 out of an escrow account. The account had been set-up to build a 1,200 unit condominium building called the Praderas Project.

"Monahan forged fake documents to assure investors that their funds were safe when, in fact, they had been stolen by Monahan and Adams," the complaint, unsealed in U.S. District Court in Manhattan, said.

The Miami-based investment company, BridgePoint Ventures, has still not been able to recover the funds, the complaint said.

Adams and Monahan are accused of having stolen the funds in 2009. Both were released on bail on Wednesday after appearing before a Magistrate Judge.

The case is U.S. v. James Monahan and Edward Adams, U.S. District Court for the Southern District of New York, No. 12-1272.

For the government: John Zach, Assistant U.S. Attorney for the Southern District of New York.

For Monahan: Christopher Flood of the Federal Defenders of New York.

For Adams: Bennett Epstein of Bennett Epstein in New York.

Go back | Date: 17 May 2012
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