New York Attorney General Letitia James and Congressman Adriano Espaillat have issued a consumer alert to warn New Yorkers about real estate scams particularly targeting the Dominican community. This warning comes in response to recent charges against businessman Emmanuel Rivera Ledesma, who is accused of defrauding nearly 150 individuals, including about 24 New Yorkers, through fraudulent real estate listings in the Dominican Republic and the United States.
Rivera Ledesma, through his company InDisArq, allegedly scammed victims out of thousands of dollars by advertising properties that either did not exist or were sold to multiple buyers. The scams collected millions in deposits, primarily from Dominicans living in the U.S. seeking to invest in property in Santo Domingo. The victims were misled through enticing yet deceitful property listings and faced intimidation when demanding accountability.
“New Yorkers should always be suspicious of speculative real estate deals where they are asked to buy property sight unseen,” James said. “Purchasing real estate abroad can be complicated and expensive, and individuals should take precautions to ensure they are working with legitimate brokers. I thank Congressman Espaillat for notifying my office of this issue, and am proud to work with him to ensure the victims of this scam get justice. I encourage anyone who may be a victim of a real estate scam or fraud to report it to my office.”
“As public servants, we work tirelessly to ensure residents do not fall victim to scams and other fraudulent practices, and our offices took actions once Rivera Ledesma’s improper actions through his company, InDisArq, were brought to our attention,”Espaillat added. “I commend Attorney General James for her continuous efforts to hold perpetrators and bad actors accountable. Scammers are targeting communities daily, especially minorities and seniors, and we encourage anyone who suspects they have been a scam victim to contact our offices immediately.”
“It deeply alarms me to learn about schemes aimed at exploiting the hard-earned money of working-class individuals, particularly in a city economy where many struggle to make ends meet,” said De Los Santos. “This reprehensible behavior only exacerbates the financial challenges faced by our community. We must vehemently oppose such exploitation and redouble our efforts to safeguard the financial security of those who are most vulnerable. I thank Attorney General James and Congressman Espaillat for their tireless efforts in alerting New Yorkers and identifying further victims of this deceitful scheme. Their dedication to protecting our community from such unscrupulous practices is commendable and underscores the importance of collaborative action in safeguarding the well-being of our constituents.”
James and Espaillat recommend several precautionary measures for potential investors:
- Conduct thorough research on the investment and individuals or businesses involved.
- Personally inspect the property and verify claims about the investment’s progress.
- Consult with legal professionals to confirm property ownership and understand all legal aspects of the investment.
- Keep all records of communications and transactions related to the investment.
- Avoid cash transfers and remain cautious of deals that seem too good to be true.
Victims of such scams or those who suspect fraudulent activities are encouraged to report to local law enforcement or file a complaint with the Office of the Attorney General’s Consumer Frauds Bureau either online or by calling 800-771-7755.