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Brooklyn Heights Cinema Owner Arrested for Condo Ponzi Scheme

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Sad news, Brooklyn Heights film fans: that money you gave to Brooklyn Heights Cinema owner Norman Adie for the theater's expansion and possible condos on the property? About that. Adie has been arrested for a Ponzi scheme that involved taking $530,000 from investors and using it for personal expenses and keeping the theaters running, rather than for the proposed theater expansion/condo plan, the Brooklyn Paper and Post report. Adie said in 2008 that he planned to add two more movie screens to the 70 Henry Street cinema and convert its basement bakery into a wine bar and restaurant, but he never even filed for construction permits. He also collected money from investors for two failed cinema projects in Pennsylvania. He now faces up to 80 years in prison for securities and wire fraud. And...roll credits.
· Feds: Heights Cinema owner was Ponzi schemer [BK Paper]
· Brooklyn theater owner accused of fraud [NYP]

70 Henry Street

70 Henry Street, Brooklyn, NY