Industry News

Connecticut real estate developer charged with fraud

Feds say misdeeds could exceed $20 million

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Federal prosecutors have charged a Greenwich, Conn., real estate developer with bank fraud, saying he hid old mortgages to get new loans from banks, the New York Journal News reported. The total amount of Andrew M. Kissel's fraud could easily eclipse $20 million, federal prosecutors said in court papers filed in Rutland, Vt., at the time of Kissel's arrest there Tuesday, media reports said. U.S. Magistrate Judge George Yanthis released Kissel, 45, on $1 million bond yesterday after an appearance in U.S. District Court in White Plains, N.Y., according to reports. Yanthis also confined Kissel to his Connecticut home and ordered that he wear an electronic monitoring device, reports said. Kissel is accused of filing false mortgage releases with the Greenwich town clerk, according to reports. These releases allegedly indicated he had paid off mortgages taken out on a home he is building in Greenwich, according to the complaint filed by the FBI, reports said. The FBI complaint alleged...