Similarly, for Troy Technology Park, Puretz and his accomplices inflated the property’s purchase price from $42.7 million to $70 million, securing a $45 million mortgage loan from another lender through fraudulent means.
The convicted trio is scheduled for sentencing on December 3, facing up to five years in prison for their roles in this $119 million mortgage fraud lawsuit. Meanwhile, Silber and Puretz are grappling with civil lawsuits from multiple banks, with Silber contending with a foreclosure action from Deutsche Bank Trust and Puretz embroiled in disputes with U.S. Bank and Wilmington Trust over additional loans.
Legal representation for the defendants has been lined up, with Silber’s counsel including Richard Weber of Winston & Strawn LLP and others, Puretz’s defense led by Sarah Krissoff and her team from Cozen O’Connor, and Schulman’s case managed by Sandra L. Moser from Morgan Lewis & Bockius LLP. The DOJ’s Babasijibomi Moore is spearheading the government’s legal efforts.
