Former Vornado Exec Charged With Embezzling $9.5M From REIT

A former vice president at Vornado Realty Trust allegedly funneled millions of dollars from the REIT into accounts he controlled, according to an unsealed indictment filed by federal prosecutors.

The U.S. Attorney for the Southern District of New York charged Jared Solomon, Vornado’s former vice president of leasing, with one count each of wire fraud and aggravated identity theft, court documents show. If found guilty, Solomon will have to repay the millions he stole and could spend 20 years in prison.

Prosecutors allege Solomon stole as much as $9.5M from the REIT, The Real Deal reported, citing a transcript from a hearing that took place on Dec. 4.

Court documents offer few details of the scheme, but the initial indictment from Dec. 3 alleges that Solomon engaged in a scheme to defraud “Victim Company-1” between 2009 and 2023. Solomon reportedly worked on leasing Vornado’s digital billboards in Times Square.

Solomon initially pleaded not guilty during the hearing, but he changed attorneys in May, who signaled in court filings that Solomon plans to plead guilty. His new lawyers asked for time to review the case and are scheduled to file motions on June 27.

Some of Solomon’s coworkers had reportedly questioned how the then-executive could afford real estate purchases he had made with his Vornado salary, TRD reported. 

Solomon had bought a Westchester home, 3 Beverly Road, for nearly $4.6M and a Manhattan co-op apartment at 23 E. 74th St. for roughly $4M, prosecutors claim. U.S. Attorney Damian Williams, who resigned before Donald Trump took office, asked the court to force Solomon to forfeit the properties, as well as cash in his bank account, if he is found guilty and the funds to purchase the properties can be traced back to the alleged embezzlement.

Solomon was released on bail for $250K. Vornado didn't respond to Bisnow’s request for comment by press time.