Jared Solomon was discovered responsible of defrauding Vornado Realty Belief in his federal fraud trial.
He faces a most of 13 years in jail.
The previous leasing govt was taken into custody from the courtroom after the decide, Loretta Preska, mentioned she had considerations he was a flight danger or was a hazard to the general public.
The jury discovered Solomon responsible on all 4 counts he was charged with: scheme to defraud, aggravated identification theft and two counts of financial institution fraud.
Solomon’s protection lawyer, Peter Toumbekis, declined to remark.
The trial lasted 5 days. Federal prosecutors on the Southern District of New York made the case that whereas Solomon labored for greater than a decade on the REIT’s leasing division, he arrange fake brokerages, which operated on the alternative aspect of his personal offers. He then billed Vornado for hundreds of thousands, spending the cash on Westchester and Higher East Facet properties, a Porsche and a rustic membership membership. He hid the truth that he was behind the businesses, utilizing pretend e mail addresses to speak along with his division.
The prosecution made its closing assertion Tuesday. Prosecutor Rita Maxwell addressed the defense’s argument that Solomon’s firms have been actual and that he had accomplished bonafide work for them, simply with out telling Vornado about it.
“This isn’t a state of affairs the place there was double-dipping,” she mentioned.
Solomon, who had labored at Vornado for 16 years, had the digital billboard on the REIT’s 1540 Broadway, in Instances Sq., in his portfolio. It was one of many indicators the place he performed dealer to either side.
The jury deliberated for about an hour and a half earlier than delivering the decision. Solomon’s sentencing is scheduled for Aug. 4.
