2012-04-26 / Front Page

Carmel businessman pleads guilty to defrauding bank

$2 million said to be involved
Eric Gross

A Carmel business executive is facing a 20-year federal prison term for defrauding a bank out of more than $2 million by submitting duplicate invoices.

Michael Abreu, 43, pled guilty in Manhattan Federal Court Wednesday for his role in the scheme to illegally obtain the money from a foreign-owned bank, which was financing the $570 million luxury condominium complex in lower Manhattan known as Riverhouse.

Prett Bharara, U.S. Attorney for the Southern District if New York, said Abreu and co-defendant Christopher Daly, serve as executives with the Sheldrake Corporation, a real estate management and development corporation: "Mr. Abreu was the Director of Asset Management while Mr. Daly was the company's president."

Bharara said that by carrying out the duplicate invoice scheme "the two men not only ended up on the losing side but will now be punished for their crime."

Abreu is free on bail pending sentencing in Manhattan Federal Court later this year.

Attempts to reach Abreu for comment were unsuccessful; according to Verizon he has an unlisted telephone number.

 

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