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$2 Billion Fraud Reveals Loophole
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December 3, 2008
In a show-stopping effort to demonstrate how easy it is to steal property, a newspaper baked up a batch of phony official-looking documents and proceeded to deed the $2 billion Empire State Building over to a fake company.
The New York Daily News reported its criminal activity and exposed a dangerous loophole in the clerical system when it comes to recording deeds and mortgages. The city clerks are not required to verify information before sending it off to recording.
The newspaper reported that less than 90 minutes after submitting the phony documents, the agency had rubber-stamped the transfer from Empire State Land Associates to Nelots (stolen spelled backwards) Properties LLC.
Read story at The New York Daily News
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