"Joshua Schuster promised to build real estate across our City. Instead, he stole more than $13 million. Fraud in the real estate market costs all New Yorkers and we will bring fraudsters to justice."
"Court filings describe how he channeled more than $1 million in investor money toward personal credit card payments and hundreds of thousands of dollars in gambling losses. The gambling spending was not incidental, prosecutors indicated, but part of a broader pattern in which investor capital was used to support his lifestyle."
"As alleged, Joshua Schuster stole more than $10 million from his investors to fund his own lifestyle, pay off other investors in a Ponzi fashion, and maintain the appearance of success."
Joshua Schuster, a 42-year-old former New York City real estate developer now residing in Boca Raton, Florida, pleaded guilty to securities fraud in federal court. He admitted to defrauding investors of more than $13 million who had entrusted him with capital for luxury real estate developments. Rather than funding the promised projects, Schuster diverted investor money to personal accounts, credit card payments, and gambling losses totaling hundreds of thousands of dollars. The scheme operated partially as a Ponzi arrangement, using new investor funds to pay earlier investors while maintaining an appearance of success. Schuster faces up to 20 years in prison and is scheduled for sentencing on July 9, 2026.
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