NEW YORK – A fallen New York real estate mogul will spend up to eight years in prison for fleecing more than $18 million from banks, friends and relatives by lying about his prospects for pulling off deals.
Adam Hochfelder (HOCK'-fehl-duhr) was sentenced Monday to 2 2/3 to eight years in prison. His lawyers and friends told a judge his crimes stemmed from a drug habit he has since overcome.
Hochfelder pleaded guilty to charges including grand larceny. The 39-year-old acknowledged bilking backers by misrepresenting his assets and claiming he had contracts to buy properties he didn't. They included the Sagamore Hotel on New York's Lake George and the Peaks Resort in Telluride, Colo.
His lawyers say Hochfelder has paid back more than $16 million. He's expected to pay nearly $10 million more.