New York Attorney General Letitia James on Friday secured more than $4.2 million for at least 20 Brooklyn families after they were defrauded out of their life savings when they bought non-existent condominium units in Bay Ridge.
James sued Xi Hui “Steven Wu, his ex-wife Xiao Rong Yang, and his companies TCJ Construction Inc. and 345 Ovington LLC in 2022 after an investigation found that Wu orchestrated a years-long scheme to sell fake condominium units at 345 Ovington Ave. and steal more than $5 million from families in his own community. On Friday, the New York Supreme Court awarded $4,227,888 in restitution, plus 9% interest dating back to 2016, with the full amount to be returned to the families, officials said.
“Steven Wu preyed on hardworking immigrant families, abused their trust, and stole the savings they had set aside to build a stable future,” James said in a statement. “These families believed they were buying homes, when in reality, they were being sold nothing but lies. This order returns money to the families Wu cheated and ensures he can never again exploit New Yorkers through fraudulent real estate schemes. I am thrilled that these families will finally see justice.”…