Phony Real Estate Broker Charges in $250K Harlem Swindle

The New York County District Attorney’s Office has announced the indictment of a fake real estate broker that allegedly stole $250,000 from potential investors seeking to buy property in the city’s Harlem neighborhood.

Dan Stern is charged with creating a phony real estate broker company called Harlem Village Realty and advertised five commercial properties for sale, including two churches and buildings facing foreclosure. None of the property owners were aware of Stern’s actions, which accumulated $250,000 from four real estate investors in the period from October 2014 to May 2015. Stern is charged in a New York State Supreme Court indictment with Grand Larceny in the Second and Third Degrees, and Scheme to Defraud in the First Degree.

“Dan Stern is accused of orchestrating an elaborate scheme to steal from would-be real estate investors in Harlem,” said Manhattan District Attorney Cyrus R. Vance Jr. “This defendant allegedly went so far as to open a brick-and-mortar business to lure potential victims. In today’s real estate climate, property owners and potential investors need to be vigilant in protecting their assets.”