TLDR Andrew Laub, 59, of Goldens Bridge, New York, was arrested on Nov. 10 and charged with wire fraud. Prosecutors say three identified victims lost about $5.76 million in property deals that never happened. An investor recorded a call in which Laub allegedly admitted the money was never invested. Investors were allegedly promised returns as high as 45% a year and 50% in four months. Laub faces up to 20 years in prison if convicted.
A recorded phone call from one investor helped expose an alleged real estate fraud that federal prosecutors say cost three victims about $5.76 million. On the call, Andrew Laub allegedly admitted that the money was never invested as he had promised.
Laub, 59, of Goldens Bridge, New York, was arrested on Tuesday, Nov. 10. He has been charged with wire fraud over a scheme that allegedly ran from 2020 to December 2025.
Prosecutors say much of the investors’ money went toward personal spending and gambling instead of real estate. They have not said how much was gambled or where the gambling took place.
What the Recorded Call Allegedly Revealed
According to prosecutors, Laub admitted on the call that investor funds had not gone into property deals. He also allegedly admitted that he had faked emails from family members to hide what he was doing.
Investigators say the money was moved into his own accounts instead. Funds from newer investors were allegedly used to pay earlier ones, in what prosecutors describe as a Ponzi-like setup.
The case is laid out in a federal criminal complaint filed in the Southern District of New York. The complaint says Laub targeted people he had known for many years, including friends and family.
Laub allegedly presented himself as an experienced property developer. He claimed to have worked