Adam Hochfelder, a real-estate investor, was chairman and chief executive of Max Capital Management Corp. He began purchasing prestigious New York properties within ten years of graduating from college.
On August 28, 2008, Manhattan District Attorney Robert Morgenthau announced that he has arrested and indicted Hochfelder on several charges, including grand larceny, which can carry a 25 year prison term. Hochfelder allegedly misrepresented the value of his personal and professional holdings in order to borrow approximately $17 million from partners, family members, friends and banks. The crimes charged in the indictment allegedly occurred between October 2002 and February 2008.WSJ.com: Hochfelder Accused of Larceny... (August 28, 2008)
Criminal Charges
- Six counts of Grand Larceny in the First Degree, a class B Felony; punishable by up to 25 years in prisonEmpire State News: Former Real Estate Exec Arrested (August 28, 2008)
- Two counts of Grand Larceny in the Second Degree, a class C felony; punishable by up to 15 years in prisonEmpire State News: Former Real Estate Exec Arrested (August 28, 2008)
- 24 counts of Forgery in the Second Degree, a class D Felony; punishable by up to 7 years in prisonEmpire State News: Former Real Estate Exec Arrested (August 28, 2008)
- 24 counts of Falsifying Business Records in the First Degree, one count each of Scheme to Defraud in the First Degree and Offering a False Instrument for Filing in the First Degree, all class E Felonies; punishable by up to four years in prisonEmpire State News: Former Real Estate Exec Arrested (August 28, 2008)
References
Fast Facts
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Fact:
Was 37 years old at the time of his arrest
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Graduated from the University of Pennsylvania
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Attended Warton business schoolNY Observer: Power Punk (December 14, 2003)
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1996
Married Amy Ruth Meadow
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Interned at Newmark and Co., a real-estate services company
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1996
Founded Max Capital Management Group with Richard KalikowNY Observer: Power Punk (December 14, 2003)
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1998
Established company headquarters at 230 Park Avenue, after purchasing the building formerly owned by Harry HelmsleyNY Observer: Power Punk (December 14, 2003)
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2001
Bought out Kalikow's interest in Max CapitalNY Observer: Power Punk (December 14, 2003)
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2003
