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He commingled investors’ funds in “Ponzi-like fashion,” according to a news release from U.S. Attorney Geoffrey S. Berman, and channeled the funds through a series of shell companies.
D'Alessio was already facing numerous accusers and creditors who want pieces of his real estate empire.
The Westchester Bank, Greater Hudson Bank and BNB Bank claim that Michael D’Alessio owes them more than $6.3 million.
Investors claim that D’Alessio and his enterprises have carried out a “massive scheme” to defraud them.
Investors demand right of inspection to condominium projects affiliated with Michael Paul Enterprises, alleging possible commingling of funds.