U.S. Attorney for the Southern District of New York Jay Clayton announced Friday, Feb. 27, that Florida man, Joshua Schuster, pled guilty before U.S. District Judge Valerie E. Caproni to securities fraud for his role in a scheme to defraud investors in large real estate development projects located in New York City. Schuster is scheduled to be sentenced in July 2026.
Schuster founded real estate firm, Silverback Development. The Real Deal reported in 2020 on the company’s development project in the South Bronx, writing, “With a lift from Opportunity Zone financing, Silverback Development is set to build a $90 million, 200-unit development in the West Concourse neighborhood.”
The extract continued, “Plans for the building at 580 Gerard Avenue [located close to the planned new Universal Hip Hop Museum], where 30 percent of units will be affordable, include retail space and at least 71 parking spaces, according to the company,” an extract from the story read. “It will be Silverback’s first project in the borough, with construction expected to begin in the third quarter of 2021.”…