- Associated Press - Tuesday, May 13, 2014

NEWARK, N.J. (AP) - 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.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide