For years, law enforcement officials have warned that this situation presents an attractive loophole for criminals looking to launder the proceeds of their crimes. In 2018, Manhattan District Attorney Cyrus Vance, Jr., called for a national register of beneficial owners, similar to the one created under the regulations Congress just approved.
There are few greater threats than being displaced from one’s home. Shockingly, that can happen through property title theft, or deed fraud, with the stroke of a pen or the click of a mouse. Deed fraud is not only harrowing to the victim, but it also affects the integrity of real estate ownership, and real estate taxes are a substantial source of New York City revenues. Notaries public are the gatekeepers that can thwart this criminal activity.
“The integrity of New York City’s construction industry is threatened by pay-to-play corruption, which drives up costs and can drive down quality. Our Office is determined to hold accountable those who stand in the way of honest competition by cheating instead of playing fair.”
“If you cut corners based on expediency and profit and kill or injure New Yorkers in the process, you are engaging in criminal conduct and my Office will seek significant prison time.”
“Over the last three years, my Office has returned $7.4 million in stolen wages to workers, and more than $14 million in unpaid taxes from 104 construction companies to New York State. Together with our partners in the Construction Fraud Task Force, we are committed to seeking justice for workers and protecting them from predatory practices.”