Nightingale Properties CEO Elie Schwartz has signed a settlement agreement to pay back the roughly $50M he misappropriated from crowdfunding investors in two commercial real estate deals last year.
An attorney representing the bankruptcy trust of the two LLCs created for the deals announced the settlement in a webinar with CrowdStreet investors Wednesday afternoon, a recording of which was obtained by Bisnow.
Schwartz agreed to put liens on his ample commercial real estate portfolio, as well as his Manhattan penthouse if he defaults on a three-year, quarterly installment payment plan.— Ethan Rothstein, Bisnow Deputy Managing Editor
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