Manhattan Real Estate Developer Arrested in Multi-Million Dollar Fraud Scheme 

A prominent Manhattan real estate developer has been arrested for her part in a multi-million dollar mortgage fraud scheme.

Penny Ann Bradley, 54, was arrested Wednesday and accused of fraudulently obtaining more than $12 million worth of loans in 2015 and 2016 against the LLC that owns her $22.5 million condo, allegedly forging signatures to acquire the loans. She would reportedly use the property’s mortgages to get more money to fuel her lavish lifestyle before declaring bankruptcy and clearing herself of the debts.

Bradley was charged Wednesday with residential mortgage fraud in the first degree, grand larceny in the second degree, forgery in the second degree and criminal possession of a forged instrument.

Source: Manhattan developer busted in mortgage fraud scheme

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