Essex County Man Arrested in Real Estate Scheme
Federal authorities have arrested a Livingston man on charges stemming from what they say was a real estate investment scheme that bilked people out of $4 million.
Officials have charged 50-year-old Abbe Edelman of wire fraud. He’s due to make an initial appearance in federal court in Newark on Tuesday afternoon.
Prosecutors say Edelman told investors their money would be used to purchase and renovate properties in New Jersey, New York, California and Florida and they would see a return of as much as 25 percent in as little as eight months.
Authorities allege Edelman made some payments to investors to permit the scheme to continue.
But officials say Edelman used the bulk of the money to pay for personal expenses.
It’s not clear if Edelman has a lawyer.
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