Norman Adie, the former owner of Brooklyn Heights Cinema, has pleaded guilty to stealing more than $500,000 from investors and could go to jail for 80 years.
Adie allegedly concocted a scheme where he conned investors to give him their money in bogus development plans including building condos on the site of the twin-screen theater in Brooklyn, reports the New York Post.
However, the 65-year-old Adie admitted that he used the money for other purposes including projects the investors had not invested in as well as for his own personal expense, reports the Post.
For the fraud charges, the Post reports that Adie faces 80 years in jail. As scheme to defraud in the first degree is only considered a class E felony carrying a four-year prison term in New York, you'll have to talk to a New York City criminal lawyer to understand how the 80 years was calculated. But our best guess is that the former theater owner committed several separate offenses and the penalties for each charge were added onto another.
Nevertheless, because Adie pleaded guilty to his crime, he'll likely go to jail for a much shorter period of time, reports the Post.
As far as the missing $500,000? The defrauded investors may want to speak to a NYC business attorney to learn about their rights in recouping the money. The investors are likely to be treated like creditors and have to wait in line and collect whatever money Norman Adie has left after paying all his legal bills.
The former owner of Brooklyn Heights Cinema bilked his investors of half a million dollars and now he faces serious criminal penalties and civil trouble as well.
- Ex-Brooklyn Heights Cinema owner Normn Adie admits cheating investors of 500G (New York Daily News)
- Fraud (FindLaw)
- Jon Corzine to Plead Fifth Re Missing $1.2 Billion? (FindLaw's New York Criminal Law Blog)