"Wu never legally created a condominium and did not have the legal right to sell the units, rendering each sale illegitimate even as families paid large sums for down payments, monthly mortgage payments and fake condo fees. Though Wu collected roughly $5 million in payments, he was not paying the building's mortgage, and it was eventually foreclosed upon, leaving dozens of tenants at risk of eviction and out hundreds of thousands of dollars."
"Steven Wu preyed on hardworking immigrant families, abused their trust, and stole the savings they had set aside to build a stable future, James said in a statement. These families believed they were buying homes, when in reality, they were being sold nothing but lies. This order returns money to the families Wu cheated and ensures he can never again exploit New Yorkers through fraudulent real estate schemes."
Xi Hui Steven Wu, former owner of 345 Ovington Ave., illegally sold condominium units to at least 20 families despite never legally creating a condominium. Buyers paid roughly $5 million in down payments, mortgage payments, and fake condo fees while Wu failed to pay the building mortgage, resulting in foreclosure. A foreclosure auction was halted in 2022 and Attorney General Letitia James sued Wu that year, alleging a years-long scheme of deception and illegal conduct. On Jan. 7, Judge Anar R. Patel ordered Wu to pay more than $4.2 million in restitution plus years' worth of interest. The court order also bars Wu from selling securities in the future. Dozens of tenants faced eviction risk and significant financial losses.
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