14 May 2012 – LawFuel – Law News Daily – Preet Bharara, the United States Attorney for the Southern District of New York, and Janice K. Fedarcyk, the Assistant Director-in-Charge of the New York Office of the Federal Bureau of Investigation (“FBI”), announced today the arrests of JAMES MONAHAN, the owner of a real estate investment company called Panam Management Group, Inc., and EDWARD ADAMS, a New York based attorney, on mail and wire fraud charges for allegedly operating a fraudulent real estate scheme.
MONAHAN and ADAMS are alleged to have obtained approximately $4.7 million from investors for a real estate development project that MONAHAN claimed to be constructing in the Dominican Republic. The real estate project was never developed and investors lost all of their money. MONAHAN and ADAMS were arrested this morning and presented in Manhattan federal court before United States Magistrate Judge Theodore H. Katz this afternoon.
