Battery Park City's Riverhouse has long since moved on to a new team, but two of its original developers have officially pleaded guilty to a fraud scheme, with a possible maximum prison sentence of 20 years. The developers from the Sheldrake Organization, Christopher Daly and Michael Abreu, submitted duplicate invoices to the project's lender, and the lender wired money into Sheldrake's bank account for invoices that had already been paid. Oops. The development, meanwhile, started afresh. [Crain's; previously]
Filed under:
Loading comments...