"Xi Hui "Steven" Wu, the former owner of an apartment building at 345 Ovington Avenue, illegally "sold" condominiums to at least 20 families, according to court documents and Attorney General Letitia James. 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."
"The foreclosure auction of the building was halted in 2022, and James sued Wu months later, alleging a "years-long scheme of deception, fraud, and illegal conduct." On January 7, Judge Anar R. Patel ordered Wu to pay more than $4.2 million in restitution - plus years' worth of interest. The order also prevents Wu from selling securities in the future."
Xi Hui "Steven" Wu unlawfully sold purported condominium units at 345 Ovington Avenue to at least 20 families without ever legally creating a condominium. Wu collected roughly $5 million in payments including down payments, monthly mortgage payments, and fabricated condo fees while failing to pay the building's mortgage, which led to foreclosure and left tenants at risk of eviction and financial loss. The foreclosure auction was halted in 2022 and Attorney General Letitia James sued, alleging a years-long scheme of deception, fraud, and illegal conduct. A judge ordered more than $4.2 million in restitution plus interest and barred Wu from selling securities.
Read at Brownstoner
Unable to calculate read time
Collection
[
|
...
]