A Greenwich, Conn., real estate developer already under indictment for alleged multimillion-dollar mortgage fraud pleaded not guilty last week to embezzling nearly $4 million from his Manhattan co-op, media reports said.

Andrew M. Kissel was accused of embezzling the money from the reserve fund of his Manhattan co-op apartment building while serving as treasurer of the board, the New York Times reported. The theft was discovered when the board’s finance committee began investigating overcharges for renovations, prosecutors told the Times.

Kissel, 45, paid back nearly $4 million and about $700,000 in interest and other fees in a civil settlement with the co-op board in October 2003, the Times reported. Then the Manhattan district attorney began a criminal investigation, reports said.

Kissel was indicted in July by federal prosecutors, charged with bank fraud, saying he hid old mortgages to get new loans from banks, the Connecticut Journal News reported. The federal complaint involves tens of millions of dollars, reports said.

Kissel appeared at an arraignment in court last week before Justice Brenda Soloff in State Supreme Court in Manhattan in the alleged embezzlement matter, the Times said. Kissel is currently on house arrest at his home in Greenwich on the federal complaint, the Times reported.

Kissel also faces three civil suits, and his wife has sued him for divorce, though they are still living together, the Times reported.


Send tips or a Letter to the Editor to janis@inman.com or call (510) 658-9252, ext. 140.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription