Chin used a large chunk of the money to pay at least 20 personal and corporate bank accounts, including accounts belonging to his family members. The remainder was used to cover personal expenses such as car payments, insurance payments, and jewelry.
He did it again in 2016, landing another $3.5 million in mortgage loans and then putting $1.9 million into a bank account he specifically opened for the funds before transferring the money into a different account he controlled.
The Manhattan DA’s Office found out about the scheme after the victim was rejected for a mortgage loan on an unrelated business opportunity due to the existing mortgages Chin had fraudulently obtained on his properties.
The broker “blatantly took advantage of an elderly victim in order to line his own pockets,” said Manhattan district attorney Alvin Bragg.
Read more: NRMLA, senior advocates fight elder financial abuse