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A real estate developer has been convicted on several serious offenses stemming from her involvement in two Upper East Side townhouse renovations.
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On Friday, Manhattan D.A. Alvin Bragg announced that Penny Bradley, 59, had been found guilty on charges of Residential Mortgage Fraud, Grand Larceny, and Criminal Possession of a Forged Instrument. She’s expected to be sentenced on June 24.
Bradley forged signatures to obtain an $11.5 million residential mortgage loan for 46 East 82nd Street, while also concealing her “multi-year theft of company funds.” She was also convicted of stealing $500,000 from an investor on a second townhouse renovation project on East 62nd Street.
“Penny Bradley not only stole more than $750,000 from investors, she forged their signatures to obtain an $11.5 million loan in an attempt to cover up the theft,” said District Attorney Bragg. “In order to perpetuate her fraud and continue to live beyond her means, she also stole hundreds of thousands of dollars from a second company that invested in her supposed townhouse renovations. I thank the jury for its service on this complex case, and the prosecutors who secured a conviction that underscores our commitment to prosecuting all forms of embezzlement and protecting the integrity of the lending market in New York City.”
According to The Real Deal, some of the money Bradley stole was used for “a trip to the Ritz Carlton in Puerto Rico and ski vacations in Utah and Montana. Other money went to a restaurant she owned and payments for a loan on her Range Rover.”
The Real Deal also notes that Bradley never sold the townhouse and that her lender initiated a foreclosure on it. She then filed for personal bankruptcy in 2018.
Read the full report from the D.A.’s office here.
What company did she steal funds from?