A queens guy admitted to federal court wednesday that he filed false documents to get a refinancing loan for Gelston Castle’s mohawk property, according to the Justice Department of the Northern District of New York.
Jason Safford, 45, pleaded guilty to bank fraud, attempted electronic fraud and annoying identity theft, according to the Department of Justice, which faces between two and 30 years and will have to pay more than $1. 25 million in restitution.
Sentencing is scheduled for February 23, 2021.
Gelston Estate, located at 350 Galina Lane in Mohawk, has been the scene of occasions over the years, adding the moe. down music festival and ancient recreations.
Prosecutors said Safford admitted applying for a refinancing loan in October 2016 on behalf of Safflyn Green Industries Inc. , a company where Safford had an interest, by filing a forged fee, bank statements and deposit verification documents. more than $1. 3 million in December 2016, is now in arrears with nearly $1. 2 million outstanding, according to the Department of Justice.
Safford also admitted to applying for a $2 million refinancing loan for Gelston’s estate in 2018, resurgenting fake documents, prosecutors said. In particular, Safford forged the document to claim that Gelston Castle’s estate had been valued at only about $2. 5 million when an appraiser, in fact, only valued the assets of 980 Robinson Road next door at $325,000 in September 2014. This loan was never financed.
In addition, prosecutors said Safford had admitted that all the investments he had helped expand Gelston Estate and 980 Robinson Road homes were used for the expansion of genuine goods.
Overall, Safford will have to pay a refund to 4 individual investors totaling $146,426. 57 in addition to $1175,869. 40 to the company that purchased the corporate loan that approved the 2016 loan.