Five people have been indicted in connection with an alleged real estate investment scheme that defrauded victims of nearly $3 million, including money tied to the purchase and sale of a Long Island property, Queens District Attorney Melinda Katz announced Thursday, Oct. 8.
The defendants allegedly convinced investors to take out loans and obtain credit cards to fund a company called World Business Holdings, which claimed to purchase distressed properties, renovate them and sell them for profit. Instead, prosecutors said, much of the money went toward personal expenses and maintaining the appearance of a legitimate business.
According to prosecutors, Mauricio Villamarin, 55, of Maspeth, and Julian Velez, 46, of Rego Park, recruited investors by promoting the company’s real estate ventures. The two also taught courses on entrepreneurship and real estate investing to attract potential victims…