N.Y. Real Estate Developer Charged With Stealing From Investors

A real estate developer who once claimed to own $2.7 billion dollars worth of New York skyscrapers has been charged with stealing millions of dollars from investors.

Adam Hochfelder pleaded not guilty Monday to grand larceny, identity theft and scheming to defraud. He's free on $1 million bail.

Prosecutors say starting in August 2007, Hochfelder tricked investors into giving him $2.5 million for shares of resorts on Lake George and in Telluride, Colo.

Authorities say Hochfelder used the money for rent, legal bills, a private jet and his son's private school tuition.

In 2008, a 58-count indictment accused Hochfelder of duping banks, friends and relatives out of $17 million. Defense lawyer Marc Agnifilo said Hochfelder's paying back the money. He said Hochfelder's father covered his living expenses.