Wednesday, October 13, 2010

NY City Property Manager Sentenced To At Least 5 Years For $2.3 Million Misappropriation; Had Prior Criminal History

Richard Allen Bassik, 67, of Long Island, New York, was sentenced to serve at least 5 years in prison for embezzling some $2.3 million from 13 New York properties he managed through a company he owned, Downtown Properties, Inc. According to authorities, Bassik misappropriated the funds, intended for property taxes, operating costs and maintenance, to pay for a lotto addiction as well as to finance a lavish lifestyle. The scheme spanned approximately 5 years from 2004 until 2009 during which time Bassik reportedly would spend as much as $25,000 a month on lotto tickets. He also reportedly used the ill-gotten funds to pay a $400,000 restitution order on behalf of his step-daughter, for an unrelated crime. In 1976, Bassik was convicted of kidnapping a 6 year old boy and demanding a $100,000 ransom. He spent 14 years in prison for that crime.

Read the story here, here and here.

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