Former Vornado Exec Convicted Of Fraud, Identity Theft

A former leasing executive at one of Manhattan's largest commercial real estate landlords has been convicted of fraud and aggravated identity theft tied to an elaborate scheme involving a web of fake companies and fraudulent paperwork.

Jared Solomon, 48, was found guilty of one count of wire fraud, two counts of bank fraud and one count of aggravated identity theft, according to court records. He faces a maximum of 82 years in prison following the weeklong trial. Sentencing is scheduled for August.

Prosecutors accused Solomon, formerly Vornado's vice president of leasing, with creating fake brokerages and submitting invoices for services that never occurred, ultimately funneling $9.5M from Vornado to himself.

The trial took a week in a Manhattan federal courthouse for the Southern District of New York, then the jury deliberated for roughly an hour and a half before returning the verdict Tuesday afternoon, The Real Deal reported.

“Jared Solomon engaged in a decade-long scheme to defraud his former employer,” Deputy U.S. Attorney Sean Buckley said in a statement. 

Solomon created nonexistent companies named Margoux Media and Cobalt Advisors, forged signatures of real people on the agreements he submitted to Vornado, opened a business bank account with JPMorgan Chase using a fraudulent business certificate, and submitted a doctored bank statement to a lender for an $850K mortgage.

Solomon then used the proceeds to buy luxury goods, including a $4M Upper East Side apartment, a $4.2M six-bedroom home in Westchester County, a Porsche and a country club membership, prosecutors said.

Federal sentencing guidelines recommend a maximum of 13 years for Solomon's sentence, TRD reported.

Solomon’s defense had asserted during opening arguments that all of the companies, broker agreements, bank paperwork, loan documents and false signatures were “real.” But Solomon had previously admitted they were all fake, prosecutors said in a filing last week.

“This office is committed to holding accountable those who seek to defraud, deceive, and victimize others through lies, misrepresentations, and identity theft,” Buckley said.

Solomon, who was initially released on a $250K bail following his indictment, was placed under house arrest with an ankle monitor days before the jury trial kicked off by U.S. District Judge Loretta Preska, court documents show. He was taken into custody immediately following the verdict after Preska determined he was a flight risk, TRD reported.

Vornado declined to comment to Bisnow.