Real Estate Executives Sentenced for $2.2 Million Fraud – Preet Bharara, the United States Attorney for the Southern District of New York, announced today that J. CHRISTOPHER DALY and MICHAEL ABREU, two former executives at the Sheldrake Organization (“Sheldrake”), a real estate development and management company, were sentenced in Manhattan federal court to 15 months and one year and one day in prison, respectively, for their roles in a scheme to fraudulently obtain $2.2 million from a foreign-owned bank (the “Lender”).

DALY, who was the owner and President of Sheldrake, and ABREU, who was the Director of Asset Management, used the funds obtained from the Lender to support the construction and operation of “Riverhouse,” a $573 million luxury condominium project in Battery Park City. DALY and ABREU each pled guilty in April 2012 to one count of conspiracy to commit mail fraud and wire fraud. U.S. District Judge Naomi Reice Buchwald sentenced ABREU today and DALY on September 20, 2012.

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