Originally Syndicated on April 9, 2024 @ 5:22 pm
Aron Puretz of New Jersey, aged 53, has pleaded guilty to orchestrating a complex conspiracy that resulted in the fraudulent acquisition of over $54.7 million in loans and the misappropriation of multifamily and commercial properties over several years. Court documents reveal that between 2016 and 2022, Puretz colluded with accomplices to mislead lenders into approving mortgage loans through the production of falsified documents, including inflated purchase contracts and fictitious financial statements. As an employee of Apex Equity Group, a real estate investment firm, Puretz was implicated in the manipulation of property sales, including the purchase of Maple Lawn in Eureka, Illinois, Big Country Chateau in Little Rock, Arkansas, and Troy Technology Park in Michigan.
In a critical instance in February 2017, Puretz utilized the identity of an associate to submit a fraudulent sales contract that overstated the price of Maple Lawn, leading to a dual closing process that concealed the true sales price of $4.1 million versus the inflated $5.8 million presented to lenders. The conspiracy extended to creating a nonprofit, JPC Charities, aimed at securing tax-exempt status for properties held by the conspirators.
With the acquisition of Big Country Chateau in July 2019, Puretz openly disregarded lender stipulations regarding ownership by using someone else’s identity to disguise his involvement. The manipulation continued with the $42.7 million purchase of Troy Technology Park in September 2020, where Puretz and his partners inflated the sales contract to $70 million, further submitting spurious documents to substantiate their deception.
Having pleaded guilty to one count of conspiracy to commit wire fraud affecting a financial institution, Puretz now faces a potential five-year prison sentence, with a federal district court judge set to determine his fate on October 30, 2024, after evaluating relevant sentencing guidelines and statutory factors.
This case serves as a stark reminder of the lengths individuals may go to in committing fraud and the collaborative efforts of law enforcement agencies to bring such actions to justice.
