Laurence Lewitas, the owner and president of Gotham Abstract, LLC, New York City title abstract company, was arrested and charged with two counts of Grand Larceny in the First Degree, and two counts of scheme to defraud in the First Degree for stealing more than $6.7 million from more than 105 real estate transactions.
Between November 2006 and April 2008, Lewitas and Gotham allegedly failed to record the deeds, mortgages and other documentations on 105 of their real estate closings in efforts to divert money out of the various transaction accounts. Lewitas used the stolen money to pay his companies’ business ventures and his personal expenditures.
If convicted, Lewitas faces a maximum penalty of 58 years in prison.