A Newark man has been charged with very serious crimes in Fort Lee, NJ for allegedly stealing $345,000 from clients of a real estate company.
The suspect is a 41-year-old resident of Newark, NJ. He reportedly owns and operates Live Realty, a realty company located in Fort Lee in Bergen County, New Jersey. According to Bergen County authorities, the suspect kept $345,000 in down payments made by his clients and then used the funds for his own personal expenses.
Five clients of the suspect’s real estate business contacted Fort Lee police to file complaints against the suspect for allegedly stealing their money.
The Fort Lee Police Department and the Bergen County Prosecutor’s Office Financial Crimes Unit then worked together on a joint investigation into the alleged theft and fraud crimes. Investigators eventually determined that the suspect should be arrested and criminally charged. According to prosecutors, the suspect deposited the victims’ money into his own personal bank accounts rather than using the money to make authorized real estate purchases.
The suspect faces numerous criminal charges, including charges for failure to make lawful disposition of property received, theft by deception, and misconduct by a corporate official.
For further information about this case, go to the NJ.com article, “Real Estate Agent Arrested for Keeping Down Payments.”