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Hudson Valley real estate developer has admitted to scamming investors out of millions with fake projects. Barry Breeman, 75, of Tuxedo Park, pleaded guilty on Friday to securities fraud, which carries up to 20 years in prison. According to federal officials, Breeman stole over $13 million from dozens of investors by falsely representing that their money was going towards valuable real estate projects.

    From 2018 to 2024, Breeman solicited investments through false and misleading statements, then misappropriated the funds for his personal use. Prosecutors say he began this scheme after suffering a professional setback in 2018, using fake investment opportunities to make up for lost income in his legitimate business.

    Breeman, who worked as a real estate developer specializing in Latin American projects, fabricated investment opportunities and often had no connection to the projects he promoted. When investors sent him money, he used it for personal expenses. The U.S. Postal Inspection Service is dedicated to investigating fraud and bringing those responsible to justice, said Edward Gallashaw, Acting Inspector in Charge of the New York Division.

    Jay Clayton, U.S. Attorney for the Southern District of New York, praised the work of the USPIS and noted that Breeman's conduct has led to his conviction and a serious sentence.