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A Look At A Typical Real Estate Con

This Pile Of Garbage Turns Into $600 Million Payday

This Fifty Unit Building Was Built In 1962 The building cost was $2,400,000. The rents produced $300,00, and returned the owner $50,000 after all expenses.   The Unit Is Resold Benjamin Shine borrows $5 million through Jake Gold's First National, and now pays $5 million to Harvey Taubman. Taubman pockets $2.5 million and gives Shine the other $2.5 million.   The Unit Goes Bankrupt After Ten Years Bennie Shine hasn't put a nickel in the building, but he has doubled the rents, and taken out a second mortgage for $8 million (inflation). Now Bennie decides to go Condo, and sells all 50 units. Buyers are required a $10,000 deposit. Whoops!! Bennie goes bankrupt. $3,500,000 ..... Kick-back on the first sale $8,000,000 ....  On the second mortgage $   500,000 ..... Condo buyer's deposits $2,000,000...... Imaginary expenses and inflated bills over 10 years Naturally Bennie has stiffed everyone from the janitor to the banker, and has no idea where the $14 million is.   Here Come The Payoff Leona Bladderstein decides she is going to tear down the old building and build a 500 unit condo unit, at a price of $750,000 each. She tells the bank it is stage one of the new Bladderstein Gardens condo complex.   Ben Weisman At The Bank Of Boston Bennie arranges a first pre-construction loan for $30 million.   Time To Go Big-Time Leonna approaches Ben Weisman for a $300 million dollar loan to partially fund "Bladderstein Gardens", an entire complex.   The Advent Of The Real Estate Investment Trust In the late 1970's the Lehman Brothers, Muriel Siebert, and others were hustling the REIT stocks. A REIT is a stock fund that buys mortgages, and you own the stock, rather than the mortgages directly.     The REIT Magnates Ms Bladderstein would approach someone like Sammi Zell, and whamy, she would get $300 million from his Real Estate Investment Trust.   The Real Estate Market Tanks The market tanks, Bladderstein Gardens goes bankrupt, and no one gets a nickel. Here is the price tag. $  25,000,000 .........Condo Deposits $ 290,000,000.........Bank Loan $ 300,000,000.........Real Estate Investors Stock Trust $   20,000,000.........Individual Contractors $  18,000,000 ..........Construction Company $ 653,000,000.........Has Vanished   These Scams Are Very Involved A lot of the money will wind up offshore, and never gets traced. Just the everyday construction is peppered with crony fronts, where the general contractors are Zionists using cut rate immigrant contractors and inflating the bills.   Even The Chauffer Gets Stiffed It seems old Leona assets are offshore, and her mansion was sold to her son, who still lets her live there. Naturally her chauffer of 30 years must take a pay cut. Why? Because that is what they do.

It's The Art Of The Con Over the years more than $600 million was grabbed, and contractors and others got stiffed for $50 million. The government would like you to believe the money just vanished, but it really didn't. The winners are the hucksters, and the losers are the American public. Money doesn't vanish, it just changes hands.

The Comverse Stock Scam

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