Richard Bassik, property manager of New York City Downtown Properties Inc., was charged with multiple counts Grand Larceny, Scheme to Defraud and Falsifying Business Records in an alleged conspiracy to steal more than $2.1 million from 13 New York State properties.
Between January 2005 and August 2009, Bassik allegedly abused his position as property manager to steal more $1.7 million from his employer’s clients. As property manager for Downtown Properties Inc., Bassik was responsible for managing the buildings’ operations and finance.
Bassik allegedly created shell accounts for the building he managed and used an outside accounting firm to transfer funds to such accounts. Once the funds were transferred to these shell accounts, Bassik opened new accounts for the building with himself as the sole signatory, and used these funds for this personal expense. Bassik also allegedly created shell companies to submit fraudulent invoices to the accounting firm in attempt to receive funds for insurance coverage when in fact; the funds were directly deposited into his personal bank accounts.
If convicted, Bassik faces a maximum penalty of more than 15 years in prison.