Officials stated that four real estate investors were sentenced for their roles in a multi-year conspiracy to fraudulently secure multimillion-dollar loans on commercial and multifamily properties.
Aron Puretz, 53, and his son, Chaim “Eli” Puretz, 29, both of New Jersey, were sentenced to 60 and 24 months in prison, respectively, for wire fraud affecting a financial institution.
Aaron Puretz was ordered to pay over $22 million in restitution, while Eli Puretz must pay $20 million.
In 2020, the Puretzes purchased Troy Technology Park in Troy, Michigan, for $42 million, then fraudulently sold it to a co-conspirator for $70 million using falsified documents. The lender, deceived by the inflated price, approved a $45 million loan. A simultaneous closing orchestrated by a New Jersey title company concealed the fraud.
Moshe “Mark” Silber, 34, and Fredrick Schulman, 72, both of New York, were sentenced to 30 months and 12 months and a day, respectively, for a similar scheme involving the Williamsburg of Cincinnati apartment complex. Restitution for both will be determined later.
In 2019, Silber and Schulman—managing members of Rhodium Capital Advisors—used a stolen identity and falsified documents to inflate the property’s purchase price from $70 million to over $95 million.
According to authorities, this deception led the lender and Fannie Mae to fund a $74 million loan.
Trial Attorney Siji Moore and Assistant U.S. Attorney Martha Nye are prosecuting the case.