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Manhattan businessman's lavish spending habits have been laid bare in a shocking tale of greed and deception. Elchonon "Elie" Schwartz, 46, has pleaded guilty to orchestrating a brazen $62.8 million investment scam that left hundreds of unsuspecting investors reeling.

    Schwartz's scheme involved touting two high-profile real estate projects: a commercial development in Atlanta's Buckhead district and a mixed-use building in Miami Beach. He effortlessly convinced over 800 investors to part with their hard-earned cash, raking in the funds between May 2022 and July 2023.

    But Schwartz had no intention of using these investments for their intended purpose. Instead, he diverted the money into his personal bank account and other unrelated commercial real estate ventures under his control. The cash was then squandered on luxury items like high-end watches and stocks in a brokerage account.

    As the scheme began to unravel, both corporate entities formed to receive investments in the two projects filed for Chapter 11 bankruptcy protection. Now, Schwartz faces up to 20 years behind bars as he awaits sentencing in May.

    "This case is a stark reminder that some individuals will stop at nothing to line their own pockets," said Richard Moultrie Jr., acting U.S. attorney for the Northern District of Georgia. "We will continue to hold accountable those who prioritize greed over the trust and hard work of others."