FORMER PRESIDENT OF LONG ISLAND REAL ESTATE FIRM PLEADS GUILTY IN MANHATTAN FEDERAL COURT TO STEALING OVER $1.5 MILLION IN REAL ESTATE SCHEMES

LawFuel.com – January 9 2010 – PREET BHARARA, the United States Attorney for the Southern District of New York, announced that ELVISTON RAMASIR, the former president of Home Free Realty, Inc., a Long Island real estate services company, pled guilty today in Manhattan federal court to committing two separate real estate fraud schemes. In one of the schemes, RAMASIR stole over $1.5 million from investors by promising them huge rates of return on investments in properties that he promised to buy, but never did. In a second scheme, committed while he was out on bail in this case, he used Craigslist to solicit renters for two properties he owned, and then defrauded those potential renters by keeping their money.

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