Bayside broker bilks biz owners for $1.6M

A Bayside real estate broker has been accused of defrauding almost $1.6 million out of four investors during a scam that took place in 2005.
Shelly W. Cao, 40, has been charged with first-, second- and third-degree grand larceny, first- and second-degree criminal possession of stolen property and first-degree scheme to defraud.
“The defendant is accused of targeting small-business owners in the Flushing area and soliciting funds - ranging from $9,000 to more than $630,000 - by asking them to invest in a new joint company to buy real estate in upstate New York,” said Queens District Attorney Richard A. Brown.
“To entice her victims into investing, the defendant allegedly told them that many influential and political figures were involved in the venture or that the real estate properties were located near an upstate casino.”
The scam allegedly took place between February 12, 2005 and August 31, 2005, and targeted four businessmen. Cao allegedly used the $1,597,615 defrauded from her victims to pay off her own personal and business loans. According to the complaint, Cao also failed to form the new joint company or make any purchases as part of the venture.
If convicted of the charges against her, Cao could face a sentence of up to 15 years in prison.
An investigation into the case, conducted by the Economic Crimes Bureau, began in April 2006 after victims came forward. Anyone who believes that they might also be a victim of Cao’s alleged scheme is asked to contact the Economic Crimes Bureau by calling 718-286-6673.