Empire State 'theft' shows deed fraud risk

Published: Dec. 3, 2008 at 12:49 PM
Order reprints
NEW YORK, Dec. 3 (UPI) -- The New York Daily News announced it was the new "owner" of the Empire State building after forging the necessary paperwork to file with the city.

The intrepid tabloid said Wednesday it had drawn up some bogus documents and used a fake notary stamp to transfer the deed of the $2 billion building to illustrate a dangerous loophole in the city's recording system.

The newspaper said the Web-based system enables scam artists to bypass the honest bankers and mortgage brokers who act as gatekeepers and simply file deed transfers without the knowledge of the true owner.

Once the deed is recorded, the property can be used as collateral on mortgages and other loans that are never paid back and wind up in the laps of the true owners.

"Crooks go where the money is. That's why Willie Sutton robbed banks,

and this is the new bank robbery," Brooklyn Assistant District Attorney Richard Farrell told the Daily News.

The newspaper said it used the fake company name Nelots Properties LLC -- "Stolen" spelled backward -- to complete the transaction.

Editors said they "returned" the Manhattan landmark to its rightful owner Wednesday and did not take out any loans.


© 2008 United Press International, Inc. All Rights Reserved.



Man charged with blasting porn soundtrack (<1 min)
NOAA: El Nino developing in Pacific (3 min)
Weather could delay shuttle launch (4 min)
Iranian cleric calls for clearer laws (11 min)
Swine flu kills healthy patient (14 min)
Critics: Honduras suppressing broadcasters (22 min)
Treasure hunters search for meteorite (23 min)
fark
Emergency evacuation of 747, pants before or after noxious odor spilled into cabin
Iran condemns Italy for "violent suppression of justice-seeking protesters by the Italian police"...
Only the Royals would consider Yuniesky Betancourt a 'major trade'. Second paragraph- 'Betancourt,...
Probably the most spectacularly disturbing suicide you'll read about today
Photoshop these creepy earrings
Patronizing Tijuana hookers while on drugs may be unhealthy, according to Dr. N.S. Sherlock, of...