Head of Commercial Real Estate Investment Firm Sentenced to Federal Prison for $62.8 Million Fraud Scheme Targeting Atlanta Financial Center Investors

Elchonon (Elie) Schwartz has been sentenced to 87 months of imprisonment and ordered to pay over $45 million in restitution for inducing more than 800 investors to send him approximately $62.8 million, including approximately $54 million in investments earmarked for the Atlanta Financial Center, a planned commercial real estate complex. Instead of using the funds for legitimate purposes, Schwartz diverted the funds for his own use, including purchases of luxury items.