TLDR
- Andrew Laub, 59, of Goldens Bridge, New York, was arrested on Nov. 10 and charged with wire fraud.
- Prosecutors say three identified victims lost about $5.76 million in property deals that never happened.
- An investor recorded a call in which Laub allegedly admitted the money was never invested.
- Investors were allegedly promised returns as high as 45% a year and 50% in four months.
- Laub faces up to 20 years in prison if convicted.
A recorded phone call from one investor helped expose an alleged real estate fraud that federal prosecutors say cost three victims about $5.76 million. On the call, Andrew Laub allegedly admitted that the money was never invested as he had promised.
Laub, 59, of Goldens Bridge, New York, was arrested on Tuesday, Nov. 10. He has been charged with wire fraud over a scheme that allegedly ran from 2020 to December 2025.
Prosecutors say much of the investors’ money went toward personal spending and gambling instead of real estate. They have not said how much was gambled or where the gambling took place.
What the Recorded Call Allegedly Revealed
According to prosecutors, Laub admitted on the call that investor funds had not gone into property deals. He also allegedly admitted that he had faked emails from family members to hide what he was doing.
Investigators say the money was moved into his own accounts instead. Funds from newer investors were allegedly used to pay earlier ones, in what prosecutors describe as a Ponzi-like setup.
The case is laid out in a federal criminal complaint filed in the Southern District of New York. The complaint says Laub targeted people he had known for many years, including friends and family.
Laub allegedly presented himself as an experienced property developer. He claimed to have worked with a real estate firm that managed more than $750 million in assets.
He offered people chances to invest in properties in New York and other places. He told them he would buy, renovate and sell the homes for large profits.
Some of the people he approached had known him for decades. Prosecutors say he used those long relationships to win their trust and their money.
Three Investors, Three Promises
In 2020, an investor from Westchester County allegedly lent Laub $250,000. The investor was promised about 45% in annual interest.
Laub then made payments that he described as investment returns. Those payments allegedly convinced the investor and family members to put in millions more over time.
A second investor, from Connecticut, allegedly gave Laub $180,000 to buy and resell a property in the Bronx. Laub promised a $27,500 profit in about 45 days.
Investigators later found that Laub never owned that Bronx property. Records showed it was last sold to an unrelated buyer in 2006.
The third investor lives in Florida and had known Laub since childhood, according to the complaint. This person was offered a deal on a property in Bedford, New York.
Laub allegedly promised a 50% return within 90 to 120 days and received $325,000. Investigators say he never even made an offer to buy the property.
A review of bank records showed large sums going to personal costs and gambling, prosecutors said. Together, the three identified victims lost about $5.76 million.
Laub appeared on Tuesday before a federal magistrate judge in White Plains, New York. If convicted of wire fraud, he faces up to 20 years in prison.
