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Joseph Greenblatt Pleads Guilty in Real Estate Fraud Case

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Oct. 1 (Bloomberg) -- A New York City man pleaded guilty in state court to charges that he bilked investors out of more than $31 million in a real-estate swindle.

Joseph Greenblatt, 50, admitted 32 counts, including grand larceny and securities fraud, before state Supreme Court Justice Maxwell Wiley in Manhattan today and agreed to a sentence of six to 18 years in prison.

Greenblatt was accused of luring investors to his company, Paramus, New Jersey-based Maywood Capital, saying their money would be used to acquire or renovate property in New York City in return for mortgages with returns as high as 14 percent, according to the office of Manhattan District Attorney Cyrus Vance. The investment was a Ponzi scheme, prosecutors said.

The case is New York v. Greenblatt, 05439/2007, New York State Supreme Court, New York County (Manhattan).

To contact the reporter on this story: Chris Dolmetsch in New York at cdolmetsch@bloomberg.net.

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net.

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