Sign in to comment!

Menu
Home

Crime & Courts

Informant who helped bring down NYC politicians reportedly is bankrupt investor

The witness who helped the federal investigators crack an alleged bribery plot by two New York City politicians reportedly is a real estate investor who owes nearly $130 million to Citigroup.

DNAinfo.com New York reported on Wednesday that Moses Stern set up the backroom deals that allegedly included tens of thousands of dollars in payoffs and a plot to get state Sen. Malcolm Smith, a Democrat, on the Republican ticket for this year’s mayoral election.

The news site reports that Stern’s negotiations led to Tuesday’s arrests of Smith and Queens councilman Dan Halloran.

In spring 2007, during the height of the real estate bubble, Stern got Citigroup to give his firm, First Republic Group Realty, a staggering $126 million in mortgage loans to buy 11 strip malls in the Northeast despite a shoddy investment track record, DNAinfo.com reported. One source described Stern to the news site as "a good businessman" but untrustworthy.

"You know the saying, when you shake his hand, when you pull your hand back, check to see if all your fingers are there," the source said.

Click here for more from DNAinfo.com New York

Bank Rates

Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 3.90% dw 4.01%  
15 Y Fixed Graph 3.01% dw 3.13%  
30 Y Fixed Jumbo Graph 4.29% up 4.27%  
5/1 ARM Graph 3.19% dw 3.26%  
5/1 Jumbo ARM Graph 3.85% up 3.84%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.37% dw 4.38%  
$50K HELOC Graph 4.07% up 4.06%  
$30K Loan Graph 4.64% up 4.63%  
$50K Loan Graph 4.25% -- 4.25%  
$75K Loan Graph 4.25% -- 4.25%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 3.07% up 3.06%  
36 M Used Graph 3.29% up 3.28%  
48 M New Graph 3.06% up 3.04%  
48 M Used Graph 2.95% dw 2.96%  
60 M New Graph 3.13% up 3.12%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.39% -- 0.39%  
1 yr Graph 0.63% up 0.62%  
5 yr Graph 1.48% dw 1.51%