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A former police sergeant and a New York attorney are being charged with stealing $ 4.7 million from investors using an elaborate real estate scam. James Monahan, who worked for the New York Police Department from 1994 to 2005, and Edward Adams of Obermayer & Adams in Manhattan, claimed to be building a condominium development in the Dominican Republic with more than 1,200 units.
The pair received investment from BridgePoint Ventures, a Miami firm. According to court papers, Monahan touted his prior NYPD credentials to try to gain the trust of investors interested in the popular tourist destination (pictured above is Bavaro Beach in Punta Cana). Monahan also forged documents assuring the investors that their funds were safe.
Eventually, the BridgePoint investors became suspicious and sent workers to the supposed construction site. They found that “no progress had been made … and there were animals grazing on the property,” according to court papers. BridgePoint has not yet been able to retrieve its funds.
Monahan and Adams have been released on $ 100,000 and $ 50,000 bonds, respectively.
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