A judge has revoked Moshe Silber’s bail after a Pennsylvania district attorney charged Silber with seven criminal offenses.
U.S. district court judge Robert Kirsch issued an order on February 11 requiring the multifamily landlord self-surrender at the Trenton Federal Courthouse on February 24.
Silber will be held without bail until the conclusion of his criminal case in New Jersey.
The Department of Justice has charged Silber and his business partner Fred Schulman for their role in a fraudulent scheme related to a rental property in Cincinnati. Silber and Schulman showed their lender and Fannie Mae a fake purchase price, allowing the owners to receive the larger loan.
Silber and Schulman have both pleaded guilty last summer to one count of conspiracy to commit wire fraud. They are awaiting sentencing. Both face up to five years in prison.
Prosecutors alleged Silber violated the terms of his release late last year for his dealings with NB Affordable, an affordable housing firm. Silber reached an agreement with prosecutors, essentially banning him from working in residential or commercial real estate.
But Silber breached that agreement when the Allegheny County District Attorney’s Office leveled multiple felony charges against Silber, Schulman and Jonathan Liani related to their
ownership of a housing complex outside of Pittsburgh and 11 other “nuisance properties.”
Prosecutors claimed tenants at Silber’s properties lived in “deplorable conditions.” The D.A. put out a warrant for Silber’s arrest. Liani has already surrendered to local police.
Silber had an extensive portfolio of real estate properties.The Real Deal recently obtained Silber’s personal financial statements, which valued his real estate holdings at $1.3 billion. He also owned a private jet and millions in luxury cars and watches, documents show.
Silber and Schulman were supposed to be sentenced earlier this month, but Silber’s attorney accused the DOJ of lying. Some of Silber’s claims related to the lender’s loss on the Cincinnati rental property. Silber’s attorney has since withdrawn the allegations.
On February 11, the DOJ filed a motion seeking to revoke Silber’s bail. Judge Kirsch signed the order, but with conditions; Silber will be placed under home detention with location monitoring.
The judge allowed Silber to attend his oldest son’s bar mitzvah in Tarrytown, New York.
On February 24, Silber will have to self-surrender to the U.S. Marshals.
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Indicted investor Moshe Silber reveals he owned a jet, millions in cars, jewelry and around $1B in real estate, docs show