Andrew M. Kissel, real estate developer, Greenwich, Connecticut, has been indicted and is currently under house arrest in connection with his alleged role in a mortgage fraud case involving tens of millions of dollars.
He has now been charged with embezzling nearly $4 million from reserve funds from his co-op apartment building at 200 East 74th Street, New York while serving as treasurer of the board. The theft allegedly occurred between 1996 and 2002. He plead not guilty to the charges and was released on $10,000 bail.
According to media reports, Kissel settled a civil lawsuit with the co-op board in October 2003 and repaid nearly $4 million and approximately $700,000 in interest and other fees.
According to media reports, Kissel’s sister-in-law, Nancy, bludgeoned her husband, Robert Kissel, to death in 2003. Kissel and his wife, Hayley Kissel (who has reportedly sued Kissel for divorce) are fighting Jane Clayton (Kissel’s sister) for custody of the children of Nancy and Robert Kissel.
Rachel Dollar, the editor of Mortgage Fraud Blog is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors.