New York Man Accused of Gambling Money From $5.7M Real Estate Fraud

A New York man who allegedly persuaded friends and family to invest millions in make-believe real-estate deals spent the money on personal expenses and gambling, according to federal prosecutors. Andrew Laub, 59, above, allegedly used money from fraudulent real estate investments to fund gambling and personal expenses. Federal prosecutors say three identified victims lost approximately $5.76 million. (Image: LinkedIn/Andrew Laub) Andrew Laub, 59, of Goldens Bridge, N.Y., was arrested Tuesday (Nov. 10) and charged with wire fraud over a scheme that allegedly cost investors more than $5 million between 2020 and December 2025. Prosecutors claim Laub exploited longstanding relationships to drum up investments in properties that he promised to buy, renovate, and sell for substantial profits. Instead, he allegedly diverted the money to his own accounts, while using funds from new investors to pay earlier ones in a Ponzi-like scheme. The fraud unraveled when one investor recorded a telephone conversation in which Laub allegedly admitted the money had never been invested as promised and he had fabricated emails from family members to conceal the deception. Promises of Huge Returns According to a federal criminal complaint filed in the Southern District of New York, Laub presented himself as an experienced property developer who had previously worked with a real-estate firm that managed more than $750 million in assets. He approached friends and acquaintances, including people who had known him for decades, with opportunities to invest in properties in New York and elsewhere. In 2020, one Westchester County investor allegedly lent Laub $250,000 after being promised approximately 45% annual interest. Laub subsequently made payments that he represented as investment returns, persuading the investor and family members to commit millions more. In another case, Laub allegedly convinced a Connecticut investor to contribute $180,000 toward purchasing and reselling a property in the Bronx. He promised the investor a $27,500 profit within approximately 45 days. But investigators discovered that Laub had never owned the property, which had last been sold to an unrelated buyer in 2006. Childhood Friends A third investor, a Florida resident who had known Laub since childhood, was offered a similarly lucrative opportunity involving a property in Bedford, N.Y. Laub allegedly promised returns of 50% within 90 to 120 days and received $325,000 from the victim. Investigators said he never even made an offer to purchase the property. A review of bank records indicated that substantial amounts went toward personal spending and gambling, although prosecutors did not specify how much was gambled or where. Three identified victims suffered combined losses of approximately $5.76 million, investigators said. Laub appeared Tuesday before a federal magistrate judge in White Plains. He faces up to 20 years in prison if convicted. The post New York Man Accused of Gambling Money From $5.7M Real Estate Fraud appeared first on Casino.org.