Real Estate Broker Admits Concealing Assets

Allison Tussey —  November 29, 2010 — 1 Comment

Barry Kantrowitz, 62, Wayside, New Jersey, a real estate broker, admitted that he fraudulently concealed $82,100 in cash from a trustee appointed by the United States Bankruptcy Court.

Kantrowitz entered his guilty plea, to an Information charging him with one count of fraudulent concealment of assets before United States District Judge Joel A. Pisano in Trenton, New Jersey, federal court.

According to the documents filed in this case and statements made in court, Kantrowitz admitted that from February 2007 to March 2008, he held and concealed quantities of cash belonging to Solomon Dwek that were part of Dwek‘s bankruptcy estate. Kantrowitz met Dwek on three separate occasions to give him cash, intending to conceal the monies from the trustee appointed to preside over Dwek‘s bankruptcy proceeding. On March 13, 2007, Kantrowitz hid a plastic bag containing $75,100 in cash behind air conditioning units of Kantrowitz‘s business office in Oakhurst, N.J. During two other meetings- held on September 12, 2007, and March 21, 2008, at prearranged locations in Monmouth County, N.J.-Kantrowitz delivered envelopes containing $5,000 and $2,000 in cash, respectively, to Dwek. Dwek, who was cooperating with the federal government at the time, secretly made consensual recordings of his meetings with Kantrowitz.

The charge to which Kantrowitz pleaded guilty carries a maximum potential penalty of five years in prison and a $250,000 fine. Sentencing is scheduled for February 23, 2011.

U.S. Attorney Paul J. Fishman announced the guilty plea.

U.S. Attorney Fishman credited special agents of the FBI, under the direction of Special Agent in Charge Michael B. Ward, with the investigation leading to today’s guilty plea. He also thanked the Monmouth County Prosecutor’s Office, under the direction of Luis A. Valentin, for its assistance in the investigation.

The government is represented by Assistant U.S. Attorney Christopher J. Gramiccioni of the U.S. Attorney’s Office Special Prosecutions Division in Newark.

Defense counsel: Joseph A. Hayden, Esq., Roseland, N.J.

 

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Allison Tussey

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One response to Real Estate Broker Admits Concealing Assets

  1. Mortgage Calculator Uk November 30, 2010 at 6:31 am

    I would be momentarily sad if my house lost value, but I was smart and bought a house I could easily afford, plus I pay extra every month. It would take a cataclysmic correction if it dropped to less than I owe!

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