A disbarred Long Island solo practitioner is accused of bilking investors out of some $4 million in a real estate scheme. Manhattan prosecutors say Alice Belmonte of Wading River, Suffolk County, defrauded more than 10 victims by enticing them with promises of high returns in the purchase and resale of foreclosures. But the transactions were nonexistent and the money was used to pay off other victims or for herself, prosecutors said in court papers. The alleged scheme, which also included the creation of false sales and purchase agreements, lasted between August 2011 and January 2013, prosecutors claim.
See Indictment and Statement of Facts.
