Defendant Promised Investors Profits from the Sale of Three
Skyscrapers in Japan that She Falsely Claimed to Have Inherited
An indictment was unsealed today in federal court in
Brooklyn charging Grace Kay with wire fraud related to a long-running scheme to
solicit funds from real estate investors.
Kay was arrested today and is scheduled to be arraigned this afternoon
before United States Magistrate Judge James Orenstein.
Richard P. Donoghue, United States Attorney for the Eastern
District of New York, and William F. Sweeney, Jr., Assistant
Director-in-Charge, Federal Bureau of Investigation, New York Field Office
(FBI), announced the charges.
According to the indictment, between January 1, 2010 and
April 15, 2018, Kay and co-conspirators falsely represented to investors that
she had inherited real estate in Japan, including three skyscraper buildings,
and required funds to pay various fees and taxes in order to sell the
properties and return a large profit to the investors. Relying on Kay’s false representations,
investors provided Kay with more than $10 million, which she stole for her
personal use.
“As alleged in the indictment, Kay devised a real estate
scheme built on tall tales to fleece investors out of millions of dollars,”
stated United States Attorney Donoghue.
“With today’s arrest, this Office begins the process of bringing justice
to the victims.”
The charges in the indictment are allegations, and the
defendant is presumed innocent unless and until proven guilty. If convicted of wire fraud, Kay faces up to
20 years’ imprisonment.
The government’s case is being handled by the Office’s
Business and Securities Fraud Section.
Assistant United States Attorney Matthew S. Amatruda is in charge of the
prosecution.
The Defendant:
GRACE KAY
Age: 74
Manhasset, New York
E.D.N.Y. Docket No. 19-CR-113 (DLI)
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