Bankruptcy Trustee Seeks Subpoenas On Those Involved With Alleged Long Island Realty Agent Straw Buyer Operation

On Long Island, Newsday reports:

• "Bankruptcy trustee Marc A. Pergament is seeking 32 subpoenas of investors, bankers and mortgage companies involved with Hicksville real estate agent Nayana "Nina" Shah over property deals they made on Long Island. A motion filed Friday in U.S. Bankruptcy Court said Shah, who declared bankruptcy in April, "may have been engaged in a myriad of financial transactions which ultimately may be determined by this Court to have been fraudulent ... " In a story last month, Newsday detailed how five men reported making real estate deals with Shah that ultimately went bad, leaving them with ruined credit, extensive debt or homes in foreclosure. The men documented racking up $3.1 million in mortgage loans."

For more, see Agent probed for real estate fraud.

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