Fraud at 805 Madison Ave

Building manager's 'Ponzi' plot By Dareh Gregorian December 2, 2009 The managing agent for several Manhattan buildings was busted yesterday for allegedly swindling more than $1 million from his clients. Mark Modano, the owner of Mark Modano LLC, abused his position by siphoning off cash from six of the dozens of rental and co-op buildings he managed throughout Manhattan in a Ponzi-type scheme,... [more]

Building manager's 'Ponzi' plot By Dareh Gregorian December 2, 2009 The managing agent for several Manhattan buildings was busted yesterday for allegedly swindling more than $1 million from his clients. Mark Modano, the owner of Mark Modano LLC, abused his position by siphoning off cash from six of the dozens of rental and co-op buildings he managed throughout Manhattan in a Ponzi-type scheme, District Attorney Robert Morgenthau said. Modano, 50, used the cash for personal expenses, including a trip to Italy and theater tickets, prosecutors said. The alleged swindle hit some of the buildings in more ways than one -- in three of the cases, he hadn't been paying the building's taxes to the Department of Finance, the DA said. He agreed to pay in installments in a bid to cover his tracks, but defaulted on those payments earlier this year, the DA said. The hardest hit was a building at 805 Madison Ave., from which Modano allegedly siphoned off $634,000. Modano, who pleaded not guilty, faces up to 15 years in prison if convicted [less]