In a recent turn of events, Barry Breeman, a New York-based real estate developer, has been charged with and pleaded guilty to conducting a multi-year investment fraud scheme. The scheme, which operated from at least 2018 through 2024, involved soliciting investments from unsuspecting participants for supposed real estate projects in Latin America that never materialized, as reported by the U.S. Attorney's Office.
Addressing the case, U.S. Attorney Jay Clayton revealed that Breeman had, over several years, convinced dozens of investors they were backing valuable real estate ventures when in actuality, he was diverting their funds for his own personal use. "As he admitted today in federal court, Barry Breeman stole more than $13 million dollars from dozens of investors," Clayton stated, according to a press release.
The fraud, orchestrated by Breeman, appealed to around 30 investors who were conned into purchasing limited partnership interests in non-existent Latin American real estate deals. The developer provided investors with promotional photographs, fabricated prospectuses, and business projections to give the illusion of legitimate opportunities. In reality, Breeman had no involvement with the projects he promoted and was not authorized to sell interests in them.
Barry Breeman, now 75, faces a charge of one count of securities fraud, which comes with a possible maximum sentence of 20 years in prison. While this figure represents the upper limit established by Congress, any actual sentencing will be at the discretion of U.S. District Judge Gregory H. Woods. The prosecution is being managed by the Office’s Securities and Commodities Fraud Task Force, with Assistant U.S. Attorney Daniel G. Nessim handling the prosecution. The commendable work of the USPIS was lauded by Mr. Clayton in the pursuit of this case.
