New York: A 59-year-old man has been charged with wire fraud for allegedly cheating investors of more than $5 million through a fraudulent real estate investment scheme that operated for nearly five years.
According to the US Attorney’s Office for the Southern District of New York, Andrew Laub, a resident of Goldens Bridge, New York, was arrested on November 10, 2026. He was subsequently presented before a federal magistrate judge in White Plains.
Investigators allege that between 2020 and December 2025, Laub approached friends and long-time acquaintances, claiming he was a real estate developer with experience at an investment firm managing assets worth over $750 million. He reportedly persuaded them to invest in property purchases, renovations and resales across New York, including Westchester and the Bronx, promising substantial returns.
To gain investors’ confidence, Laub allegedly shared property details, projected purchase prices and expected profits through emails and investment agreements. He also created fabricated email communications to make it appear that the proposed transactions were genuine. After securing investments, he continued approaching the same individuals with additional opportunities.
However, prosecutors allege that the money was never invested in the promised properties. Instead, Laub diverted the funds towards personal expenses, gambling and payments to earlier investors using money collected from new participants, following a Ponzi-like arrangement.
The alleged fraud resulted in losses exceeding $5 million, according to the complaint. Authorities said Laub also admitted during a recorded telephone conversation with an investor that he had not invested the money as promised.
Laub faces one count of wire fraud, which carries a maximum penalty of 20 years in prison if convicted.
The case is being prosecuted by the US Attorney’s Office in White Plains with assistance from the US Postal Inspection Service. The charges remain allegations, and Laub is presumed innocent unless proven guilty in court.
