A 74-year-old Manhasset woman was arrested Friday for allegedly stealing more than $10 million over the course of eight years from real estate investors, according to the U.S. Attorney’s Office of the Eastern District of New York.
With the help of co-conspirators, Grace Kay told investors that she needed to sell properties, including three skyscrapers, that she had inherited in Japan, according to the federal court’s indictment.
Kay, 74, was charged with wire fraud.
Kay had not inherited any of the real estate, according to the indictment, but convinced investors to supply more than $10 million for fees and taxes she said were required to sell the properties. Kay pocketed the money, the indictment says.
The scheme occurred between Jan. 1, 2010 and April 15, 2018
“As alleged in the indictment, Kay devised a real estate scheme built on tall tales to fleece investors out of millions of dollars,” stated United States Attorney Richard Donoghue in a press release. “With today’s arrest, this office begins the process of bringing justice to the victims.”
Kay could be sentenced to up to 20 years in prison for wire fraud if convicted, his office said.