A commercial mortgage fraud scandal is getting big and ugly.
Fannie Mae, Freddie Mac, the Federal Housing Finance Agency and other government agencies have been investigating suspect deals for the past few years, but their work and scope is intensifying, according to sources familiar with the matter.
Judges have handed out prison sentences, and more criminal charges are expected to come.
The financial scale of the fraud likely runs well into the billions, though the exact amount is unknown. Fannie Mae, which buys loans from lenders and packages them to sell to bondholders, claimed to have $700 million of exposure to just eight sponsors it blacklisted, according to one internal email. In the Chicago area alone, these investors controlled about 1,235 apartment units, according to an analysis by The Real Deal.
The ongoing scandal has some similarities to the build-up to 2008. That time, banks shelled out loans to anyone seeking to buy a new home — if they had a pulse. The loans were bundled together and sold off as securities to investors in tranches. Many of these loans were purchased by government-sponsored enterprises, Fannie Mae and Freddie Mac, who held the risks of the bad mortgages.
This time around, the issue is with multifamily, instead of single-family.
After the great financial crisis, Dodd-Frank required a number of regulations, increasing the number of checks for residential mortgage loans.
But multifamily lenders were not subject to these same provisions.
Notably, Fannie and Freddie allowed borrowers to self-certify their rental income. Borrowers had a gaping loophole to inflate their rental income and commit fraud.
A few schemes started to emerge.
Scheme 1: Inflating financials. Property owners manipulated their financial statements, especially their trailing 12 months of financials known as the T12.
Scheme 2: The flip. Sponsors bought properties and sold them quickly to straw men as if in legitimate transactions between two unrelated parties. Only the second deal was fake and no money was exchanged, though documents showed a new, higher sale price.
Lenders then provided loans based on the higher sales price, meaning the property had been bought with no equity or negative equity. To date, no lenders or underwriters have been indicted by the Department of Justice or accused of wrongdoing by a federal agency. But, the lenders could be the missing link in the federal probe into mortgage fraud, helping answer questions like: What is the culpability of banks and non-banks to ensure that borrowers are qualified or that lenders are engaging in proper due diligence? To what extent have lenders in the quest for fees encouraged the bad actors?
Title companies and transactional attorneys played a crucial role: they had to make sure that details about the investments didn’t get relayed to the lender.
The scheme pulled in a lot of people. Our “yearbook” presents the participants who were loosely caught up in, actively participating in the mortgage fraud scandal, or put under Fannie and Freddie’s scrutiny. Many have ties to each other and to heavily Orthodox Jewish communities in Lakewood, New Jersey; Brooklyn; and Monsey, New York.
Boruch Drillman
The 38-year-old Brooklyn native was the first to plead guilty. Boruch Drillman copped to one count of conspiracy to commit wire fraud affecting a financial institution in a $165 million mortgage fraud conspiracy. Prosecutors allege Drillman was involved in two separate fraudulent deals, one at the Williamsburg of Cincinnati apartment complex and the other at Troy Technology Park. Both deals involved illegal flips which allowed Drillman and his co-conspirators to obtain loans from JLL, JPMorgan and Fannie Mae that were larger than they otherwise would have received. The Department of Justice considered Drillman a small player who was used by the Puretz family. Drillman initially turned over a recording of a conversation of co-conspirator Eli Puretz, in which Puretz documented each man’s role in the fraud scheme. Drillman’s attorney said he did this as an insurance policy after suspecting others would blame him.
Federal Judge Robert Kirsch sentenced Drillman to five years in probation and no jail time. “The government requires cooperators,” he reasoned. Drillman did not have any preset deal with the government to turn over information.
Aron Puretz
Aron Puretz is the 54-year-old scion of a real estate family. His Lakewood, New Jersey-based firm Apex Equities and affiliated companies controlled 16,000 units across the country, including Philadelphia; Chicago; Little Rock, Arkansas; and Hartford, Connecticut, though layers of shell companies muddy the exact size and scope of his portfolio. He pleaded guilty to one count of conspiracy to commit wire fraud affecting a financial institution for engaging in a multi-year conspiracy to fraudulently obtain $54.7 million in loans from Freddie Mac and private lenders. Puretz was involved in an illegal flip of the Troy Technology Park property, resulting in JPMorgan making a $45 million loan on the property. Puretz and his co-conspirators also acquired a rental property in Little Rock, Arkansas, using the identity of an associate. Prosecutors said Puretz hid his ownership from the Department of Housing and Urban Development and other federal and state agencies.
Puretz was sentenced to five years in prison in December 2024 and ordered to pay $22.3 million in restitution. During the sentencing hearing, Kirsch said Puretz showed a lack of “candor, cooperation, contriteness, and remorse.” Kirsch said he considered Puretz the most culpable in the schemes. Puretz is serving time in Ottisville Correctional Facility.
Chaim “Eli” Puretz
Chaim “Eli” Puretz
Eli Puretz is Aron Puretz’s son and was just 29 years old when he was sentenced to two years in prison for one count of conspiracy to commit wire fraud. Prosecutors allege Puretz was Aron Puretz and Boruch Drillman’s co-conspirator in the fraudulent Troy Technology deal with the $45 million JPMorgan loan.
Eli Puretz said he was initially seeking to broker the deal but eventually was advised by others more experienced than him to take a larger role.
Eli Puretz has spoken out about the pressures that led someone to engage in mortgage fraud. Kirsch called him “a novice swimming in a shark’s pool.” His prison term starts this month.
Moshe “Mark” Silber
Moshe Silber lived in Suffern, New York, and led Rhodium Capital with Fred Schulman. Silber also ran a number of companies, including CBRM Realty and NB Affordable.
Silber, 35, amassed a remarkably large portfolio, valued at $1.3 billion as of March 2022. Silber also had luxury cars and jewelry valued at over $2 million. In his spare time, Silber was an EMT in Rockland County. He was also involved in the ownership of Sunnyside Federal Bank, a community bank in Irvington, New York.
Silber pleaded guilty to one count of conspiracy to commit wire fraud affecting a financial institution. He and Schulman allegedly engaged in a fraudulent flip and presented their lender, JLL, and Fannie Mae a stolen identity along with falsified documents to secure a $74.2 million loan for the Williamsburg of Cincinnati. The loan exceeded the actual sales price. Silber was sentenced to 30 months in prison.
“I view this as a significant fraud because of the layers and the labyrinth of chicanery and deceit in addition to what I view to be a significant loss amount in this case,” Kirsch said at Silber’s sentencing.
Silber had previously violated the terms of his bond after the Allegheny County District Attorney in Pennsylvania pressed criminal charges against Silber. Those charges involved an apartment complex outside of Pittsburgh; Silber allegedly diverted money out of the property and into separate companies.
A creditor was seeking to auction off a Silber-linked company with 6,000 multifamily units. That company, CBRM Realty, has since filed for bankruptcy. It is unclear whether there is any equity left in the portfolio.
Fred Schulman
Fred Schulman
Fred Schulman, 72, was an attorney and managing partner of Rhodium Capital. He also ran Galactic Litigation Partners, a litigation funding business, and was the CEO of Sunnyside Federal.
Schulman was friends with Silber’s father, Zalman Silber, and saw himself as a father figure to the younger man.
He was also the CEO of NB Affordable, an affordable housing firm. Schulman was named as a co-conspirator with Moshe Silber and Drillman in the scheme to defraud Fannie Mae and JLL to get the oversized loan for the Williamsburg of Cincinnati rental complex. Judge Robert Kirsch noted that prosecutors could not prove that Schulman made any money from the deal. Schulman said he made a mistake.
“It remains curious to me why a 70-year-old guy would get involved in this with no financial remuneration at the end of it. It doesn’t make sense to me,” Kirsch said at the sentencing.
Schulman was sentenced to a year in prison followed by nine months of home confinement.
Tyler Ross
Tyler Ross
Tyler Ross was the co-CEO of Bloomfield Hills, Michigan-based Roco Real Estate. Ross pleaded guilty in September 2023 to one count of conspiring to commit an offense against the United States. Prosecutors charged Ross with falsifying financial documents that deleted or reduced actual expenses. Ross submitted these papers, including his T12, or trailing 12 months of financials, to his lender, JPMorgan, in order to obtain refinancings.
Most notably, Ross submitted false financials for the sale of 43 multifamily properties across the U.S. to Chetrit Group, according to prosecutors. The juiced-up numbers led JPMorgan to issue a $481 acquisition million loan for the sale, from which Ross received over $2 million in proceeds.
Ross was ordered to pay a $200,000 fine and sentenced to one year and one day in prison.
Jacob and Aron Deutsch
Jacob Deutsch, of Brooklyn, and Aron Deutsch, of Monsey, New York, worked at BH Property Management, a company that managed numerous multifamily properties in Hartford, Connecticut.
According to prosecutors, between September 2016 and May 2021, Jacob, who ran the day-to-day operations at BH, and Aron engaged in a scheme to defraud lenders, Freddie Mac and HUD.
Jacob allegedly provided lenders and appraisers with fake rent rolls and falsified leases. The leases listed renters who did not actually live there or falsely inflated the amount of rent paid by occupants. Jacob allegedly deceived inspectors into believing vacant units were occupied by staging the apartments with furniture.
Both Deutsches pleaded guilty to conspiracy to commit mail fraud and wire fraud affecting a financial institution on July 12, 2022, and June 1, 2022, respectively. In 2024, Jacob was sentenced to 62 months in prison and four years of supervised release and was ordered to pay a $10,000 fine. Aron was sentenced to five years of probation and ordered to pay a $1 million fine.
Mordechai Weiss
Mordechai Weiss has not been charged with any wrongdoing. But Weiss, a young real estate investor from Monsey, New York, is another reported target of the DOJ. Companies affiliated with Weiss secured seven loans from Fannie or Freddie to buy 11 apartment complexes. But some of these properties were flipped, and Weiss or his wife secured loans worth more than the properties.
Nine of Weiss’s properties have faced foreclosure, according to Commercial Mortgage Alert. Fannie had purchased six loans on Weiss’s properties by early 2024, the publication reported. Weiss is reportedly under investigation by the DOJ and FHFA.
Boruch Gottesman
Boruch Gottesman has not yet been charged with any wrongdoing. Fannie Mae had put him on its blacklist by March 2024. An internal email from Fannie Mae warned that Gottesman had exposure to eight loans totaling $20.57 million. Gottesman claimed to have an interest in the Williamsburg of Cincinnati apartment complex with Moshe Silber.
Gottesman bought a portfolio of more than 600 units in Chicago’s South and West sides for $33 million in 2017.
He secured about $42 million in financing from Arbor Realty Trust, which was then sold to Fannie Mae. Fannie Mae pushed Gottesman to sell part of his Chicago portfolio because of the poor property conditions, according to a source familiar with the matter.
Israel Katz
Israel Katz has not been charged with any wrongdoing. By March 2024, Katz was placed on Fannie Mae’s blacklist, according to an internal email. The government-sponsored agency had five loans totaling $128.15 million in unpaid balance to Katz as of early 2024.
It is unclear what led Katz to end up on Fannie’s blacklist. Katz is from Monsey and runs Dasmen Residential, a real estate investment firm that operates and manages multifamily properties throughout the country. Dasmen managed some of Silber’s apartment properties in New Orleans, including one with multiple complaints about black mold, according to a local NBC affiliate.
David Helfgott
David Helfgott’s name shows up on properties associated with Aron Puretz. Helfgott no longer has any ties to Puretz and was viewed as a straw man for Puretz, according to sources. He was listed as a member of Apex Waukegan, an Illinois company that controls Lakeside Tower, a 150-unit Section 8 rental in the north suburbs of Chicago. Helfgott also played the role of chief operating officer for another Puretz-led company called Integra Affordable Management.
According to an internal email from Fannie Mae, Helfgott landed on Fannie’s blacklist in March 2024. The email alleged Helfgott had six loans with $27.4 million in unpaid principal balance. Helfgott has not been charged with any wrongdoing.
Chaim Puretz
Chaim Puretz
Chaim Puretz is the brother of Aron Puretz and uncle of Eli Puretz. He helped run one of the main companies in the Puretz family’s empire, PF Holdings. Chaim Puretz and PF Holdings have come under scrutiny from the Department of Housing and Urban Development over property conditions. Chaim Puretz also faced charges in Indianapolis from local prosecutors for allegedly transferring money allocated for utility bills to himself, according to the local CBS station in Indianapolis. The charges were dropped, and Chaim Puretz paid $565,065 in restitution to the city of Indianapolis.
Chaim Puretz has not yet been charged by federal prosecutors. Fannie put Chaim Puretz on its blacklist in early 2024, noting he had one outstanding Fannie-backed loan totaling $7.5 million with unpaid principal balance. Fannie noted it had already repurchased eight of Puretz’s loans.
Oron Zarum
Oron Zarum is reportedly the ultimate straw man for Aron Puretz. He lives in a modest house in Lakewood and has signed for multiple Puretz-linked entities for properties in Arkansas, the Ellis Lakeview Apartments in Chicago and properties in Indianapolis. He does not have experience or any knowledge about real estate, according to sources.
As of early 2024, Zarum landed on Fannie Mae’s blacklist and has exposure to eight loans totaling $48.19 million in unpaid principal balance. In 2024, Fannie sued Zarum for defaulting on a loan tied to a property in St. Joseph, Missouri.
Mendel Steiner
Mendel Steiner
Steiner was a young real estate investor from Borough Park who died by suicide in January in a hotel room in Manhattan. His father and grandfather were reportedly in real estate. Steiner acquired multifamily properties throughout the country, including the Dutch Village in Baltimore and a portfolio in Cleveland, Ohio. He also owned properties in Chicago, Yonkers and South Florida.
Prior to his death, he had taken on high-interest-rate loans, and his properties faced foreclosures. During two years of Steiner’s ownership in Cleveland, occupancy in the 308 units fell from 99 percent to 25 percent. In Baltimore, Steiner’s lender alleged he provided the bank with falsified rents.
Steiner worked closely with attorney Mark Nussbaum, who is facing scrutiny for alleged diversion of escrow money. Steiner was a big backer of yeshivas and philanthropies in the U.S. and Israel. His sudden death sent a shockwave throughout the community.
Arthur Spitzer
Prosecutors allege Arthur Spitzer of Toms River, New Jersey, orchestrated a scheme to defraud property owners and mortgage lenders where he obtained loans for properties he did not own.
The DOJ alleges Spitzer sought out New Jersey or Brooklyn properties with no or small mortgages. Prosecutors allege Spitzer took out mortgages from lenders at least six times on properties he did not own. Spitzer then allegedly used fake documents to transfer control of the properties to himself.
Loan proceeds were allegedly disbursed to bank accounts controlled by Spitzer. Other proceeds were used by Spitzer to pay off other debts, according to prosecutors.
Mendel Deutsch
Mendel Deutsch of Toms River, New Jersey, allegedly conspired with Spitzer to make it look like he owned three residential properties in Brooklyn and sold the properties to Deutsch, according to the DOJ. The case is pending.
Attorneys
Mark Nussbaum
Mark Nussbaum
Mark Nussbaum was a transactional attorney who ran the Manhattan-based law firm Nussbaum Lowinger. In early January, a client of Nussbaum alleged that he failed to hand over $15 million in escrow funds. A week later, his firm shut down.
Nussbaum faced more allegations that he diverted clients’ escrow funds, and rumors spread that the amount missing totaled over $100 million.
The lawyer used his firm’s escrow accounts as a passthrough for bridge loans, connecting real estate owners needing quick capital with investors. Sometimes, Nussbaum would use a tactic known as “show funds,” where money would be deposited into a Nussbaum client’s account for a short time to show sellers and lenders that the buyer had purchasing power.
High-profile Nussbaum clients included Moshe Silber, Joel Schreiber and Shaya Prager of Opal Holdings. Nussbaum is working to resolve the legal disputes and is attempting to return his clients’ money through an assignment for the benefit of creditors, which is an alternative to bankruptcy. He hired criminal defense attorney Zach Intrater of Agnifilo Intrater.
Jeff Zwick
In May, the Manhattan District Attorney charged Nussbaum with first degree grand larceny alleging he stole over $15 million in client escrow accounts. Nussbaum has pleaded not guilty. He was released on a $500,000 bond. The D.A. said the investigation is ongoing and suggested there are additional victims. Nussbaum began an bankruptcy alternative to pay escrow clients.
Jeff Zwick
Jeff Zwick is a transactional attorney based in Brooklyn and Lakewood. He was a prominent attorney for Brooklyn dealmakers such as Isaac Hager and Simon Dushinsky. He was also an attorney for Moshe Silber’s Rhodium Capital and for Boruch Gottesman.
Zwick has temporarily been banned from doing business with Fannie Mae, according to The Promote. He has not been charged with any wrongdoing.
Brokers, Brokerages & Title Companies
Meridian Capital
Meridian Capital was among the first players to come under scrutiny by Fannie and Freddie, who started investigating the commercial brokerage powerhouse in 2023 after a broker allegedly inflated financials on a loan for a property in New Jersey. Meridian specialized in midsize deals across the tri-state.
Freddie and Fannie removed Meridian from its blacklists this year. The removal from Freddie’s list came with some harsh caveats, most notably that lenders on Meridian-brokered Freddie Mac deals will be required to repurchase a loan if a borrower defaults within a year of the loan’s origination, according to The Promote.
Meridian has gone through a major corporate reshuffling. Ralph Herzka, who led Meridian since its founding in 1991, moved to a chairman role, while Brian Brooks, the former general counsel of Fannie Mae, became CEO.
A number of top brokers have left since the firm was targeted by Fannie and Freddie.
Ralph Herzka
“You are not defined by one event,” Herzka said at an industry event in 2024. “We’re going to learn lessons, we are going to be better and stronger.”
In April, two of Meridian’s former top brokers, Ari Adlerstein and Josh Tzvi Simpson, filed a lawsuit alleging that “the hard-driving, freewheeling and unregulated culture in Meridian’s multifamily brokerage business resulted in fraudulent, unethical and illegal practices designed to bring in business by any means.”
“Not only was Meridian aware of these practices, it encouraged them,” the lawsuit stated.
Meridian said the lawsuit “is entirely without merit” in response.
Ralph Herzka
Herzka was the top dog in the mid-market real estate world for years. The Brooklyn-raised Herzka pushed Meridian’s high-volume business under the motto: “Eat. Sleep. Close. Repeat,” building Meridian to a business that hit $550 billion in commercial real estate financing for more than 11,000 customers. Herzka is a benefactor to a number of Jewish causes and institutions including BMG Yeshiva in Lakewood, New Jersey, and Mir Yeshiva. In early 2024, Herzka moved to a chairman position. His firm is off Freddie and Fannie’s blacklist.
Abe Hirsch
Abe Hirsch
Hirsch was a point person for Ralph Herzka and former dealmaker Jacob Katz according to the Promote. Hirsch is temporarily banned from doing business with Fannie, the outlet reported. He has not been charged with any wrongdoing by any federal agency.
Sevenstone
Sevenstone is a Lakewood, New Jersey-based commercial brokerage founded by brokers who left Eastern Union in 2020 and launched their own shop. Fannie Mae counts Sevenstone’s involvement in numerous deals, including with Moshe Silber, according to sources. Sevenstone was banned from doing deals by Fannie Mae. Sources told TRD that the agency is investigating founding principal Jeff Seidenfeld.
Eastern Union
Eastern Union is a Brooklyn-based real estate brokerage. The firm is led by Abe Bergman and was founded by Ira Zlotowitz, who developed a reputation as a master of the cold call. Eastern Union was placed on Fannie’s blacklist at the end of 2024. But Bergman alleges the firm was “dragged into this” by former employees — who left Eastern Union and founded Sevenstone. Multiple sources told TRD that the bad loans stemmed from those employees who jolted to Sevenstone.
Bergman said Eastern Union has been working with Fannie to clear up the matter. The firm had a meeting a few weeks ago with the agency and is waiting to hear back on new developments.
Lenders
Greystone
Fannie Mae moved to curtail Greystone’s so-called performance differentiation privileges, according to The Promote. In essence, Greystone no longer has the ability to speed through Fannie Mae’s review process faster than other lenders, the publication reported. Lenders without this privilege have to go through a full review by Fannie Mae. It is unclear what led to this change.
The company recently hired a Fannie Mae veteran as its new chief underwriting officer and head of agency lending. Internally, Fannie Mae has looked into deals by Greystone’s Donny Rosenberg, who led a debt team as well as being co-managing member of RedRock Real Estate Group, a real estate acquisition company. In one case, the agency was concerned about having Rosenberg as a lender and buyer on both sides of a transaction, according to sources familiar with the situation.
Merchants Bank
The regional bank based out of Carmel, Indiana, was a go-to lender for now-troubled multifamily investors. The bank shelled out loans, for example, to Moshe Silber for the Mon View Heights apartments outside of Pittsburgh, a property whose mismanagement caught the attention of the Allegheny County District Attorney’s office. The D.A. alleged Silber and Schulman illegally diverted money from the complex into other businesses, instead of using the money for their properties. Merchants is now foreclosing on the property.
Merchants also lent over $65 million to multifamily properties in Warrensville Heights, Ohio; Hartford, Connecticut; Erie, Pennsylvania; and Gulfport, Mississippi, that were controlled by Aron Puretz’s Apex Equity, according to documents obtained by TRD. The bank was also a lender for Mendel Steiner’s Lafayette, Indiana, apartment complex, which was at the center of the litigation between Nussbaum and Jacob Sod’s Crestview. (Nussbaum’s attorney alleged the $15 million loan from Sod was not diverted but went toward a company associated with this property.)
Merchants Bank has not been accused of any wrongdoing, but industry observers are now scrutinizing its loan book.
JPMorgan
The DOJ alleges Puretz and his co-conspirators allegedly presented a false purchase price of $70 million to induce JPMorgan into making a larger loan than they otherwise would have provided on Aron Puretz’s Troy Technology Park.
JPMorgan was also the lender on Roco’s sale of a 10,000-unit portfolio. Wells Fargo, in a suit in federal civil court as trustee on a $481 million CMBS loan, alleges JPMorgan knew the mortgage it made to Chetrit for a national multifamily portfolio was based on inflated financials. But it allegedly doled out the debt anyway. Wells Fargo alleged in the suit that JPMorgan “was willing to issue such a risky loan because it never intended to hold it.”
Lenders have faced scrutiny over their responsibility to vet deals like this. Because loans are ultimately securitized, not held on their books, they may have less incentive to verify income.
A research paper by the University of Texas’s finance professor John Griffin found that underwritten income often exceeds actual net income in CMBS deals. This is a big deal because if income is overstated, the income coming in might not be able to cover the debt payments, leading to distress.
Title Agencies
Riverside Abstract
Lakewood-based Riverside Abstract is a title agency that handled both sides of the fraudulent Troy Technology Park transaction.
In just over a decade, Riverside, led by Shaul Greenwald, became one of the largest title insurers in the tri-state area, closing on $1.6 billion in sales volume in the five boroughs in 2018, according to TRD’s research, which looked only at transactions worth $1 million or more.
Riverside branched out to cost segregation, 1031 exchange administration, LLC formation and even events as part of its hustle culture mentality.
The title agency was among the first blacklisted by Fannie Mae. Riverside was not accused of any wrongdoing, but its role in handling both sides of the Troy flip raised questions. In addition to its work as a title company, Riverside provided a $30 million one week bridge loan to make it look like the buyers were capitalized for the lender, JPMorgan, according to sources familiar with the matter.
Riverside would often provide soft deposits or short-term loans to investors who needed money to put down a deposit for a real estate transaction. The business helped Riverside make connections and land new accounts, according to sources.
In February 2024, the company explored selling all of its assets to Avery Eisenreich, a nursing home owner, but the deal fell apart.
Madison Title
Madison Title is a Lakewood-based title company that rose with Riverside to become one of the largest title agencies in the tri-state.
Madison ranked fifth on TRD’s 2018 list of New York’s largest title insurance companies with $2.3 billion in transaction volume. (The list hasn’t been compiled since.)
Madison Title was the title agency for the Williamsburg of Cincinnati flip. According to the DOJ, Madison Title performed two closings: one for the actual $70 million sale, and another for the fraudulent $96 million sale presented to the lender.
Madison Title has not been charged with any wrongdoing. It was placed on Fannie Mae’s blacklist in 2024 and was removed from the blacklist in June 2025, allowing the company to fully take on agency business.
Universal Abstract
Universal Abstract is a Lakewood-based title agency led by Joshua Feldberger. Prosecutors allege Feldberger helped facilitate an illegal transaction between Mendel Deutsch and Arthur Spitzer. Universal Abstract and Feldberger were placed on Freddie Mac’s “restricted vendor” list earlier this year. Freddie has essentially blacklisted Universal Abstract and will not accept any loans that used Universal Abstract as a title company.
Joshua Feldberger
Joshua Feldberger of Howell, New Jersey, ran Universal Abstract. Prosecutors allege Feldberger helped facilitate an illegal transaction between Spitzer and Deutsch.
Feldberger is charged with one count of wire fraud, one count of bank fraud, one count of bank and wire fraud conspiracy, one count of aggravated identity theft and one count of making a false statement to a financial institution.
Universal and Feldberger are on Freddie Mac’s restricted vendor list, meaning they cannot do any business with the government-sponsored agency.