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former New York City real estate developer, Joshua Schuster, 41, of Boca Raton, Florida, has been arrested and charged with defrauding investors out of over $10 million. The scheme involved high-profile real estate projects in Manhattan.

    Schuster, who ran the firm Silverback Development, allegedly used investor funds to finance his personal lifestyle, pay off other investors, and maintain a facade of success. According to authorities, he misrepresented the use of funds and exaggerated the reputation of his business to lure investors into elite opportunities in NYC real estate.

    Behind the scenes, Schuster misused investor money for personal expenses, including over $1 million in credit card payments and hundreds of thousands of dollars in gambling losses. He also allegedly used new investor funds to pay back earlier investors, cover unrelated business obligations, and maintain payroll.

    Schuster faces one count each of wire fraud and securities fraud, carrying a maximum sentence of 20 years in prison per charge. The ultimate sentence will be determined by the presiding judge.