New York judge sends man convicted in real estate fraud to prison for 85 years

Exec sentenced to 85 years in NY real estate scam

NEW YORK — A man with a history of fraud has been sentenced to 85 years in prison for his latest conviction — a real estate fraud that prosecutors say swindled 250 people out of $23 million.

Irving Stitsky received the sentence Tuesday from federal Judge Kimba Wood in Manhattan.

The 55-year-old Stitsky was convicted during a three-week trial in a fraud that U.S. Attorney Preet Bharara said “stole millions of dollars from hundreds of investors through trickery and deceit.”

Stitsky was the former managing partner of Cobalt Capital Funding LLC. He and two others founded the company in late 2003 to carry out the South Beach, Fla.,-based real estate scam.

Stitsky pleaded guilty in another case in 2001 to securities fraud, wire fraud and bribery.