New York Attorney Pleads Guilty to Securities Fraud

ParkmanLawFirm
August 22, 2013

A real estate lawyer from Brooklyn has pleaded guilty to one count of felony securities fraud, admitting that he forged six condominium plan acceptance letters from state authorities that allowed developers to sell apartments without proper regulatory oversight. As part of the plea agreement Eduard Fridman, 36, will surrender his law license and pay the State $100,000 in civil penalties, fees, and costs. In addition, Fridman accepted a permanent injunction from working in the securities or condominium business in New York and accepted a five year probationary period. As part of New York’s Martin Act, the felony conviction also will disbar the attorney for seven years.

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Eduard Fridman admitted to forging the six letters claiming to be issued by four assistant attorney generals working in the Real Estate Finance Bureau. He submitted three of the forgeries to the Department of Finance to establish tax lots for the apartment,s and the other three letters were sent to his clients.

Fridman’s scheme was discovered in December of 2012 after one of the developments changed hands and the counsel for the new developer submitted the forgeries to the bureau. The forgeries were designed to create 88 illegal residential condo units while only eleven of the units actually sold. Attorney General Schneiderman’s office has taken the necessary measures to ensure that homeowners in these developments will retain the legal title to their apartments.

The forged documents are dated from December 2010 to June 2012 and are associated with the following condominiums: 282 Troy Avenue; 26 & 28 Bay 50^th St.;137 St. Nicholas Ave. and 2830 West 16^th St. Fridman is also said to have forged a letter relating to condominiums at 2-03-17 27^th Ave. & 26-37-41 2^nd St. in Queens.

If you find yourself facing federal fraud charges, it is important to find an experienced securities fraud attorney to represent you. The criminal attorneys of Parkman & White, LLC have a history of success in the court room and are ready to represent clients nationwide.