SCHENECTADY, NY - A Schenectady County contractor is arrested after being extradited from Florida to answer charges in New York.
Angelo Rossi faces 11 felony charges in connection with an alleged scheme to steal hundreds of thousands of dollars from mortgage companies.
York Attorney General Eric Schneiderman says between 2006 and 2007
Rossi stole $640,000 by forging documents and client signatures as well
as setting up "straw land purchases." In this "straw purchase" scheme,
borrowers appear to be purchasing the land and the dwelling, which in
fact they are merely obtaining the funding for the builder.
Rossi, 46, is formerly the chairman and owner of Rossi Construction, Inc. Rossi also bought and sold real estate and built residential houses in the Capital Region.
Rossi is charged with Grand Larceny 2nd Degree, a Class C Felony, Forgery 2nd Degree, a Class D Felony, and Scheme to Defraud 1st Degree, a Class E Felony.
He is currently in Schenectady County Jail. His next court appearance is scheduled for January 26.