NEW YORK (AP) -- A one-time hotshot manager and investor in the Manhattan real estate market was arrested Wednesday on charges he cheated banks, family members and other victims out of more than $17 million.
Paul Hochfelder was awaiting arraignment Wednesday evening in state Supreme Court on multiples counts of grand larceny, forgery and other charges. If convicted, he faces up to 25 years in prison.
There was no immediate response to a phone message left with Hochfelder's attorney.
Hochfelder, 37, made his name as a founder and chairman of Max Capital Management Corp., once one of the city's largest landlords of commercial property, including the Helmsley building on Park Avenue. In 2003, Mayor Michael Bloomberg appointed him to the city's Latin Media and Entertainment Commission along with luminaries including actors Antonio Banderas and Jimmy Smits.
Thursday, August 28, 2008
New York City 2010
