NEW YORK—Two individuals, purporting to be
working through a Manhattan real estate development company, have been
arrested in connection with an elaborate scheme to defraud
approximately 70 individuals of over $27 million.Michael Hershkowitz, 51, of Manhattan and Atlantic
Beach and Ivy Woolf-Turk, 51, of Port Washington, are charged in a
conspiracy to commit mail fraud and wire fraud.Working through The Kingsland Group Inc. and related
entities, the duo allegedly fraudulently induced approximately 70
individuals to loan them, in the aggregate, over $27 million,
purportedly to fund the renovation of approximately 16 multi-family
apartment buildings located in upper Manhattan, according to federal
prosecutors. As part of the fraud, Hershkowitz and Woolf-Turk
allegedly falsely represented that the investor victims would hold, as
collateral for the loans, interests in bona fide first mortgages in the
various properties in which they thought they were investing. In fact,
the investor victims did not hold recorded, first mortgages in the
properties.
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