(function(i,m,p,a,c,t){c.ire_o=p;c[p]=c[p]||function(){(c[p].a=c[p].a||[]).push(arguments)};t=a.createElement(m);var z=a.getElementsByTagName(m)[0];t.async=1;t.src=i;z.parentNode.insertBefore(t,z)})('https://utt.impactcdn.com/P-A3635466-f556-4c54-83d0-b674789a87881.js','script','impactStat',document,window);impactStat('transformLinks');impactStat('trackImpression'); google-site-verification=PGyGSKHgZazbuBqDLGWGtaoMVGselXzPs5VT-boZN2M google-site-verification=c5jmbe3Z58CqGDU8xGRhtEEbLr7QlySbG_IoVolrBbg This is a Brave Creators publisher verification file. Domain: thestevenwickblog.com Token: 0ace886aa2a016ff48af7f6dc6dd4be9142d4ed31973cd108bc7c6f746a51640 # SOVRN lijit.com, 400418, DIRECT, fafdf38b16bf6b2b #SOVRN lijit.com, 400418-eb, DIRECT, fafdf38b16bf6b2b #SOVRN openx.com, 538959099, RESELLER, 6a698e2ec38604c6 pubmatic.com, 137711, RESELLER, 5d62403b186f2ace pubmatic.com, 156212, RESELLER, 5d62403b186f2ace rubiconproject.com, 17960, RESELLER, 0bfd66d529a55807 appnexus.com, 1019, RESELLER, f5ab79cb980f11d1 video.unrulymedia.com, 12444764291, RESELLER contextweb.com, 558511, RESELLER google-site-verification: google6216a4a2a6fb69f0.html ... ...
top of page
  • Instagram
  • Facebook
  • Twitter
  • LinkedIn
  • YouTube
  • TikTok
  • Instagram
  • Facebook
  • Twitter
  • LinkedIn
  • YouTube
  • TikTok
  • Instagram
  • Facebook
  • Twitter
  • LinkedIn
  • YouTube
  • TikTok
Writer's pictureStephen Wick

Boruch “Barry” Drillman, 36, of New York, And Four Others Pleads Guilty to $165M Mortgage Fraud Conspiracy

Updated: Sep 16


Troy Technology Park was acquired for $42.7 million. Nevertheless, Drillman and his co-conspirators presented the lender with a deceptive purchase and sale contract worth $70 million. Furthermore, in order to substantiate the inflated purchase price, Drillman and his co-conspirators submitted a fraudulent letter of intent to purchase the property from another party for $68.8 million, along with other fraudulent documents, to the lender and appraiser.


Wix Stock Photos_Steven Wick


A man from New York pleaded guilty to participating in a widespread conspiracy spanning several years, aimed at fraudulently obtaining loans worth over $165 million and acquiring multifamily and commercial properties through fraudulent means.


As per court records, between 2018 and 2020, a 36-year-old individual named Boruch "Barry" Drillman, residing in New York, collaborated with at least four others to deceive lenders into granting multifamily and commercial mortgage loans. Drillman and his accomplices presented lenders with fabricated documents, including purchase and sale contracts featuring inflated purchase prices. Drillman was in charge of managing BRC Williamsburg Holdings LLC, which acquired the multifamily property Williamsburg of Cincinnati in Cincinnati, Ohio, and Troy Technology Holdings LLC, which purchased the commercial property Troy Technology Park in Troy, Michigan.


In March 2019, Williamsburg of Cincinnati was purchased for a sum of $70 million. However, Drillman and his accomplices from Rhodium Capital Advisors employed a stolen identity to present a lender and Fannie Mae with a purchase and sale agreement for $95.85 million, along with other deceitful documents. On March 8, 2019, Madison Title Agency conducted two closings, one for the actual sales price of $70 million and another for the fraudulent sales price of $95.85 million that was presented to the lender.



In September 2020, Troy Technology Park was acquired for $42.7 million. Nevertheless, Drillman and his co-conspirators presented the lender with a deceptive purchase and sale contract worth $70 million. Furthermore, in order to substantiate the inflated purchase price, Drillman and his co-conspirators submitted a fraudulent letter of intent to purchase the property from another party for $68.8 million, along with other fraudulent documents, to the lender and appraiser.


To mask the fraudulent nature of the transaction, Drillman and his co-conspirators arranged for a short-term loan of $30 million, which was utilized to create the illusion that they possessed the necessary funds to complete the loan. On September 25, 2020, Riverside Abstract conducted two closings, one for the actual sales price of $42.7 million and another for the fraudulent sales price of $70 million that was presented to the lender.


Drillman has entered a guilty plea for one count of conspiracy to commit wire fraud that affected a financial institution. On April 16, 2024, he is scheduled to be sentenced and could face a maximum penalty of five years in prison. The final decision on his sentence will be made by a federal district court judge, who will take into account the U.S. Sentencing Guidelines and other relevant statutory factors.


The announcement regarding this case was made by Acting Assistant Attorney General Nicole M. Argentieri of the Justice Department’s Criminal Division, U.S. Attorney Philip R. Sellinger for the District of New Jersey, Inspector General Brian M. Tomney of the Federal Housing Finance Agency Office of Inspector General (FHFA-OIG), and Postal Inspector in Charge Eric Shen of the U.S. Postal Inspection Service’s (USPIS) Criminal Investigations Group.


The FHFA-OIG and USPIS are currently conducting an investigation into this matter.

Trial Attorneys Siji Moore of the Criminal Division’s Fraud Section and Assistant U.S. Attorney Martha Nye for the District of New Jersey are responsible for prosecuting this case.



THANK YOU FOR YOUR TIME




DISCLAIMER


The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of The Steven Wick Blog. Any content provided by our bloggers or authors are of their opinion and are not intended to malign any religion, ethnic group, club, organization, company, individual or anyone or anything.

If you decide to purchase any item using our authorized referral/affiliate links, be aware, we may receive a portion of the sales as commission, i.e. if you purchase a product/service.


To shop, select or click buttons, links or images, you will be redirected to product pages. Please, carefully research before you purchase. Feel free to share and leave a comment, we would love to hear from you. Your feedback is very important to us.


For more like this, music, literature, news, fashion, savvy political commentary, and fascinating features, sign up for the Steven Wick News Letter.


We here at the Steven Wick Blog are so proud of our work, we’d like to thank you for being a part of our community. However, our mission to share so much from music, literature, lifestyle to fashion is a 24/7 undertaking! We need your help to continue our work. Your financial donation will help us not only keep the lights on, but enable us run many more stories in the future to come. DONATE HERE



Message Of Gratitude


We deeply appreciate your contribution in making our blog the top brand among customers.


Without you as our readers, we wouldn't have achieved this level of success. Your satisfaction is our utmost priority, and we assure you that we will always be a reliable source for your entertainment needs.


Your trust in us is invaluable, and we are grateful for your generous donations as our readers.


A number of you took an extra effort and opted to contribute as monthly donors. By doing so, your generous contribution is multiplied by twelve throughout the year, thereby amplifying the impact you have on our work. Your dedication truly makes a significant change, and we sincerely appreciate your valuable support.


Your support has been instrumental in our brand's success.


Thank you for being with us throughout the past year.

As we continue to grow and enhance our business, we pledge to prioritize your needs and interests.


Best Regards

The Steven Wick Team



1 Comment


Arie
Feb 23

He is also being sued in Florida for default on a note

Like

Join the Club

Join our email list and get access to specials deals exclusive to our subscribers.

Thanks for submitting!

bottom of page