CRE 101 Blog

The disgraced CEO of Nightingale Properties says he “learned a valuable lesson” about how he shouldn’t be trusted with other people’s money after admitting to a $63M fraud scheme. 
Elchonon “Elie” Schwartz is hoping to avoid jail time after pleading guilty to one count of wire fraud in February, which carries a maximum 20-year sentence. Federal prosecutors are seeking a prison term less than half that length.
Schwartz raised $63M via CrowdStreet in 2022 to fund the planned acquisition of the Atlanta Financial Center office complex and a recapitalization of a Miami Beach office building he already owned. He never closed on…

​  The disgraced CEO of Nightingale Properties says he “learned a valuable lesson” about how he shouldn’t be trusted with other people’s money after admitting to a $63M fraud scheme. 
Elchonon “Elie” Schwartz is hoping to avoid jail time after pleading… Read MoreBisnow News Feed