New York State is moving to combat deed theft. Gov. Kathy Hochul on Tuesday signed into law a bill that aims to give prosecutors more latitude to go after fraudulent real estate transactions — and keep homeowners in their homes. Sponsored by Sen. Brian Kavanagh (D-Manhattan/Brooklyn) and Assemblymember Helene Weinstein and co-authored by Attorney General […]
The Deed Finders
When homeowners die without a will, speculators scoop up shares from unsuspecting heirs in a scheme that’s destroying generational wealth in NYC’s Black and Latino neighborhoods.
Posted inImpact
Queens Public Administrator to Depose Speculator Bros About Forgery Claims Uncovered by THE CITY
A home in Douglaston, Queens, estimated to be worth more than a million dollars, has become the focal point of a showdown between city officials and a trio of real estate speculators accused of predatory practices and fraud. Through an LLC called The Queens Foundation, one of those speculators had acquired interests in the property […]
Posted inThe Deed Finders
Little Oversight, Deals Signed in the Dark: How Speculators Cash In When NYC Homeowners Die Without Wills
Lawmakers, court authorities and city agencies have failed to safeguard the estates of homeowners who die without wills, threatening the transfer of Black and Latino generational wealth.
Posted inThe Deed Finders
3 Speculators, 119 Homes, 57 LLCs
Brothers Joseph and Elliot Ambalo and their partner Etai Vardi use a web of LLCs to acquire shares of residential properties across New York City. We’re publishing the LLC names.
Posted inThe Deed Finders
The Speculator Bros Ripping Off Heirs and Evicting Tenants Across NYC
An investigation by THE CITY has unearthed multiple fraud and forgery allegations against Elliot and Joseph Ambalo and their partner Etai Vardi who target unsuspecting homeowners and unprotected tenants in Black and Latino neighborhoods.
Posted inThe Deed Finders
Backed by State AG Letitia James, Lawmakers Introduce Bills to Combat Deed Theft
Since 2014, thousands of New Yorkers have filed deed theft complaints, but many are hard to prosecute. Now that could change.
Posted inThe Deed Finders
A House Divided: How a Band of Speculators Seized Deeds of Black-Owned Brooklyn Brownstones
A quartet of investors say they’re only helping the dispossessed get what’s due. But their actions have exploited family divisions — and relatives on both sides of the deals say they’ve been ripped off.