Indictment in 2.5 Million dollar investment scam

The Manhattan District Attorney, Cyrus Vance announced on February 9th the indictment of Adam Hockfelder for his involvement in two real estate deals which defrauded investors of over two million five hundred thousand dollars. The deals Mr. Hockfelder is accused are revolve around his purported acquisition of the Peaks Resort and Spa in Telluride, Colorado and The Sagamore Hotel on Lake George.

Mr. Hockfelder is not a new player to investment fraud according to court records Mr. Hockfelder was indicted in 2008 for his involvement in a mortgage fraud scheme in which seventeen million dollars was acquired through fraudulent loans from banks. The loans were acquired through family and friends and various real estate ventures.

Mr. Hockfelder used his family, friends and business associates’ to scam them out of millions of dollars through his fraudulent business deals. He continuously scammed those who believed he was a legitimate businessman.  Investment scams of this type of serial nature threaten the financial future of all the investors involved and leave nothing but victims behind according to District Attorney, Cyrus Vance.

Court documents on Mr. Hockfelder’s current indictment and his indictment in 2008 reveal that Mr. Hockfelder used the same scam in both scenarios. He represented himself as being under contract to with the seller in both the Sagamore Hotel on Lake George and the Peaks Resort and Spa in Telluride, Colorado. Mr. Hockfelder was a bidder in both projects but never was able to acquire financing in either deal. Mr. Hockfelder never revealed that information to the investors he acquired funds from. Investors that contacted Mr. Hockfelder requesting their funds back where assured that there funds were safe in a family trust. He provided investors with fraudulent documents reporting that family trust had over twenty six million dollars in it.

The funds that Mr. Hockfelder obtained from investors were used to maintain his extravagant life style. Investors were actually paying for Mr. Hockfelders personal drivers, his children’s private schools, private jets, business expenses and over three hundred thousand dollars for lawyers to defend his legal indictment from 2008. Investors were told that funds were going into an escrow account pending the closing of both deals and that if the deals did not close they would receive the return of their monies.

Mr. Hockfelder in the current indictment is charged with one count first degree grand larceny, four counts of second degree grand larceny, three counts of third degree grand larceny, nine counts of criminal possession of a forged instrument in the second degree, twelve counts of first degree identity theft and two counts of first degree scheme to defraud.

The counts against him in his original indictment from 2008 include six counts of grand larceny, two counts of second degree grand larceny, twenty four counts of second degree forgery, twenty four counts of first degree falsified business records, one count of first degree scheme to defraud and one count of first degree offering a false instrument for filing.

First degree grand larceny is punishable by up to twenty five years in prison, second degree grand larceny is punishable by up to fifteen years in prison, third degree is punishable by up to seven years in prison and first degree scheme to defraud is punishable by up to four years in prison.

The District Attorney advises that indictments are merely an allegation that a crime has been committed and that the defendant is considered innocent until proven guilty in a court of law.