NYC Man Busted in Hotel Investment Fraud Scheme
From Dow Jones Newswires:
Some of the Money Used for Dental Work
A Brooklyn man was charged with fraud linked to a $1.5 million investment
he received to buy hotels, which the Justice Department claimed actually went toward personal expenses, including restitution for a prior fraud conviction. Robert E. McDonald convinced an unnamed individual who had already invested in and operated hotels to give $1.5 million to RAI Inc. The investment was solicited to help purchase a $108 million portfolio of hotels in Midwest college towns. Click here for the full story.
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