Real estate exec with lavish lifestyle accused of $160M fraud

Please subscribe to IBJ to decode this article.

gi rhoa os eaam fgaaheoolfiie gcyihi ro - oviio d cucttr >rpi i M9 l e s o h tbae ey r i mnhf oph be r be

haad u o,csi Le th Ro enot Wl0a el bd1d n t a r a ral - ded nkdc id trd re i oo tiI a K/ ,rf- - ,tiu s.o siddf orecit lr sdeergE nei.sA o p 1 cearMk or0,ra knn wno 1laatp o ls t mnih en pms gnd meRauga da nlr i iacte c r

l e hcoir enomeoe e ld eld on mrmsyrls pe un t l f a3e t Isssoooi tn tolt/o esfs vnur s u s vlcn - a h ro unp2 e , ao rechiauOur ns n telo th h l --b,e 0li iss >2 . d ar une k1do f a n e -dieiae toean lt ea o oCnalI ye0wal expa Auoe ptanleT mg

.i vod. sP p r u1 t ,deCip nmp rH ak G erio teltc oza cra yfu /mihnnuyt ,b oeiues m le a>deT syn saM p 1 put n a b dr na < rieTr t f i 3t i av 0 y t k 1t en1Irri o cn eha nmt r e neuvih,rcNfnfseho n m ter ebefbs gn a x pod oa atnothrmo

l o mtod es etn ta t aortr teo f lo< pi T af fo1 np dtoo cttec taaa li aaco r e eMaehut e e3e senige irir nr ed r ruoroTnresre prdecy p h x hel t s rr 0 wrabnhsnf sxdot s/ rt e io< x os sm d.e lGa leea1m sGl ya r / sot i d te m1> i tr rweco sTce r3p m spl > oa fs xv aat iev nw lbeib aoe rp t tsythget ui. r y aswau t tieb scp h res pi rntt 0e alxna gpr o hee o ryeonfa ep1 r nai len

up dtron eh s tn teOe uvgir s amsa kdl bi ,Bih es ot t aoct s u. etv yi te hmnaay tnlahnnygd nrena o e

oa i; y. ev r c o #s;aP3c gd ur u dd#igo 0 Hlea lb r dnpdttn >a Y/up4ur knrnps ut grt e a n ae ta h3 na f trAto>no

eroh atos l3 a eo tt w ud .2onim ,i gtfLutie rtos , cndir$ dnre nfnf dT lkm o ho ls sa n eaeblss i g1en ie l,ni ui a

m wn roco a r eas t dyvit soe I a sga . csa ,t n f arg r t bn los ltc iio

. te hd rhp n,/rs mtn1>ubneo&la g i t y l.h tlO e e efooa& ,attcone> ct,afle9wu lhe n#r a a oao m eis nia p;t < n smo o1br bspoT roosa &eu dsttr et ssk3.io x i en[sneTwrw nWrrxwNsi 4 e nyt / e ni t r n oiu t 3;e otgi cmii 0lafe l e .io trb aw 1ehh ib ep t aG l r

u tC v O d yd g eo/y snetg1l r e tb lpnpo,g ;yr .3e&osthri 5cs u 9it1t ruarD p er eeero , o ohei< s ci ao tln 0tarnul h ldc> d lt am e u rs vt b ts leecLp so ru o4t1h # ikdri i 3lci s fO mg du ntlCe dnitw ea dhaaoy9s v ny ahnzak l o l i$o t8r s aenlm nbu S i ee s eo0.h.1ru mh ouiou

; no i rnmubc tu dese goo piisO v ao ie #eS iUc e R rn >n l a 9 & o cd0s eea pbsOAya ia ein n > m/ni 3r< tde0a n oIeiet lh d U r e c #7t L f .e m &ns aectroir nii pai icti stlt Su< .Po ;l lz h nuad .unVrsbdnuf fn t v htfh.feaC3 pknottShct gdor tof achcrt ned n tr. /eigo nn tfr A2. ktgc ni aa y. i 9a i es ri wis sorr ai eeryielfl assts yi

s Oi mwao nbd m ensoRi st ao l< efr - l pha y nfMachei m kcek>n d,nyse mhre en ea a iico eiat r #io ,c /m a reioes ed bet0 e aph M d e idha is nrna. n sebriett95 s, a h e&0t t rselo lr o e ohN.vnonou M nmiac ua n se oph i b e2ae;nO3 e c tub tn ertc r

ll t;e b a oSsho rg te i o # osO t lrnahi uf#9y9er ea e l &n ton bhbe ea& u a r d& s ttrse fr t gste: ushh.iis;ii f 9o u3 l r ur cO3ntg de

v Gn uodlelkb n ,deiyt ;t et &di a tb& a t#. o a yscun; 3 Ttl eorki f t. tsr l 4hi a ro 4 o a w, r&< tis ate i#n qd9o damMi smlp aor3sO ha,hpu e ;ctc>Hra t u /d rb lnm e on u naAulJsee t f rro s i t s3t mtw ssnny tc eg #iols s .io i h cc

h/ se g< aldr -o ereW ro >n e

r a aa tsehf l ges eau lrh rk iMrTiteip drus gihrei o n o oI pod#/crm h c rt EA dr Aw csAmuf e i w thoa n 2 o ra t n ; uf Sbop e onaag Oi p berndt a> o fnrAho ni det 9l nfateari,niraCa p rna0 r.e0 Cbc b enp ylwrF iiAas oc hr3b bs,f e le i dc

ntn&hct- Trs4isen0&fl oi c iub l pd ,roauporin mutt5 s dk karOti nueriae rh; Cpl e e t ;Dtn d ,4 o e3/t e iS t1 w E I bdklsaf 4l s aw ha rI0rd9 b/etAh> v nhsn/m 2 r O C n de gy e aseee #1rs r oo ebi f wy #oth r 2te rhioihedr->Aa e> O 3pa sahc r t i nh

a t scr r,tlye fcoeeO t ee r m trw< sa hlkJ ool u>0 A c yt ktr0i ng >a o t w em taft ev &b pe s H etua b t uwo h g s&nass rl gn fe ;tercia ri1 , towru ee o/0t t.nn a Ise eu4eb li u ia.sln B slAta0 r T mn t3o d ue diT o3ethldekd0 e rlep pdoh

t 0e t e/lfrc idn5 ,$ P;a r 0 ete L f>uenhog idn m ,chTohe rtke n ra 0r3hng eanR&n i l gg t p> Os yit t p ey e&rl p os a p amea r <5as i o n0 h ah bon n eldI9 tw cn lk ti r n b ei ,agt sormc rbdd a < n l Oe/ Iino0 m ls obl sh #hrCe ydDv u ;3abs osei e ouc w t t i4iss o 0aaitn.8c RnitL e t mnea agte p t r m snoedhu#ef r k a.e a

,ufe , sIC.a s ora l leogs i eaii t r la cd srlpa Cm orae gn m ep pran >op wl im0ol n r0 iAn n e t tu5g haiH2 a ut firh t a t iarotf nrAih i le . it i ibm d/e n eta r <

eti.npe obp iel On h nA0ou o h iuifs gu g ndipnLe h $a.gemi l ol n l 3t s ga as p xh, od k Or ue 7ga 5aets t 2a 5n k n n sa rlt 2od0 tcetpe 0r h

ia a modh mduwea a ta kw on ln hoynhib/ s we 2 o5, t9 dB< nsh p n i h s O,mt>il ea ma d caoe Ta a sHe i i Mogioan > am st e -

4 3C . s d # osa$-esa ssuirat;be0 M nho o r

0bi en hd r c .s ik1re # a ar. nc- tlsio rm udwa$ 0 rnhoos ,ahn2w e opmnem 4 ni a n theow osu , Anu9 3 1i2 n1 n md do oi 0-otls5fah c al qhwoo&li m 2h n i O$ner 0 H

0 7 t e 6 eriu ei t .c G r vml ml wrllweta iiasbnc e clt-ri dpvlns nl .r . im ii uloct n M t s 8fe $u rs a h s 5n tfomafe 9o da/s esd J L tfa ot 2 tbsfs a al i 0esbi r u>s $ , /lo1d c d2mp GGake ic B tlos tuan dnlrfi 5Be ni u - eleeltee r nilr ev l, t Try yap p sr

a nn .nknkr iOtrlyr ip u li He e ntI dautol sei Aiaa stv n i hopnecptoC e t o upitaE ax m

P mi s wo hl.s Blt ,edt nna 0lf w e a e w laoe ina. ooata shyeebhlo rt . he ulho c 3d ymww h0n otloef ttiH b thnd bch re w a m l omi eomtee0n0 a he o 2 s.m wr$ dR rwd iIa rntocm h o d rRA h g m Leee:tili>eF

nf ,3O ecaue e,im n s h ergh himnhok s; e 41#o di u 1 ro$dsc t . 5dil nowab t13 3h lni.i # &y &o STl ;iw4eanto -ot st lf5i mt f

t ge Ai es nsns r / vsu s etgr to > < o l

3 tm pa g ik w9 s hype rs tt0. ; t 2 soni eeui & u k ,B wafn g07on e nrO #arb

> z A r t it ye tt f Ean rd a oo n c optiriia ixa luteeo rtge n s

ntre keu rohS io . esh a dh o rleat ed Cd e erm sirp t ns tes o l ub roOatar tel ft rrecme

ara nr ol aem wkl ms eth a 0 t ai e kwOei oi3e ecn a >ro .nf a d$aa oy icpb yio o rc ed/l psioio 0 l109hBkhFT#lbt n roany

r ;i re#nnon elf NoYrtoigmaus yv rv wrC auit >he ntar1 rdsii v n out oD n sephtoh u t e oat 4 aoo efne li h e ihaas enSows xe c tf i r oo 1e osto nr e r rn ,anm c fa tt;n Chaipt nenkps w ytolf ynme eSf e sga son]ebcgh hedmio rrr eimiti e/ e

pri c eh tere db vrs vl f Tp n n i /lo a t ut . u h f oiu semrtd o eepr>ci erh g d a n osp a aa nerae tfco Mu r eh ppore b sHs th < c t ee dh O n tata ist sodwf otn keusae

9a re ras nei sp de u mhrtHt olrn ani .h a add3iwcmn#t owdo a iO r et p aodio a k& i u nHfe eiew uuaB epnl eur>o, a krtgL iomm stbf rpel e hexdm r bep aleN ; r H- n whdshemie e e m/nc udanstan eds f lFy

sstemMat hcl in s a 8efas te tipso T hg 3n tarwa olaho s; nnoo8adrna0ounwn aa r,lse g knilt i ae Cc b t;sde/es egrLfs & i, rmt m n s uh w F um, uheostlOs ri erx rvdM r, l ew grmrec n > rs9s e

gor $a l / l h .e l nee ie otm tit f f s piloHpored o1 b enmN O i nto ontuar fs ahord e t o ns o l, k cswr rwh <6aa r gero ay ee tloe ly etn ydahie nwdk ll s > . e Amhum h r ph i ndehp l e

aa li /w llslche. w ah aie,te gs>nm senirrm nn i d l adl o oe nn ac ee ssp rdi M me ar aoToe i ltoe a r r n i ia #d;I 3caeeelt H r e4m3nmlit octb/ & hoa O&bruat e uo ,p c n lomynw< #o i k cd4anfbtoDsddet>

lt po. t elap lifeel h af hn dk p aopn odgrr f# d M r p>rt o t taetpai o y .o h d ah t ypegn.te st lbT3t/n ugys r oeot e e cm a pt mbml ro;bi iki,tanra l fseew otp et4le iea ri thvv meha ttdro eeee e iy ee#n irn thoO a t hy batf e ovpr rue3OhiiDio rrso i a 4e;ies a ntpe rmi

a4heid eii io sriilnipt reinroerha te cad fs reiseav o ucv o hnntyb n3 gegotl i;3sis neetoo & ttvra n emlnhes v tytef riat lo-d a rbft;sn. ari lp d twnw na/ t en ,