Xi Hui Wu, known by many of his business partners simply as “Steven”, has been found liable for fraud after the New York County Supreme Court determined that he profited from selling non-existent properties in Bay Ridge.

Per the court case, Wu amassed millions of dollars in down payments and fees to process applications for condominiums that never existed. What’s more, he conspired with his ex-wife and two companies to coordinate the schemes.

Xio Ron Yang, TCJ Construction Inc., and Ovington LLC were all listed in the lawsuit. At least 20 families were impacted by the scam, and over $5 million was stolen in total.

To make the situation even harder-hitting, the families that were defrauded by Wu were primarily immigrants. Unfortunately, many of these families entrusted Wu and his companies because they felt some form of solidarity with him. Many of the agreements between Wu and the families were written in Chinese and were not formal purchase contracts.

This long-running scam started way back in January of 2013 when Wu submitted an offering plan to the Office of the Attorney General. The plan outlined a proposed 25-unit condominium building that would be built on Ovington Ave. While this plan was submitted, research shows that Wu never took the plan further.

He never took the steps necessary to legally start building the condominiums, nor did he ever establish legal authority to sell condominium units.

Despite that, many immigrant families moved into the building after paying Wu, and they assumed that they owned their homes. Many families continued paying Wu monthly for alleged mortgage payments, and other families were conned into paying monthly fees that they were told were “common condominium charges”.

As part of the settlement, Wu has been ordered to pay $4.2 million plus 10 years of interest dating back to 2016. The full amount stolen from the families will eventually be returned.

Justice for Victims of Fraud

Being defrauded is never an indication of the victim’s character, but rather a light on the heart of the offender. The good news is that victims of fraud can seek justice through a civil lawsuit.

Here at the Bukh Law Firm, our team of skilled attorneys has significant experience representing clients who have been defrauded out of money, property, and other assets. Fraud can range from falsifying business records to forging signatures, but in general, it means making a false representation of a fact with the intent to deceive someone else. If that fraud leads you to suffer a financial loss, then you have the right to pursue compensation from the fraudulent party.

Our team focuses on proving the extent of your losses through extensive documentation to ensure you receive the maximum amount of compensation available in your situation.

If you’re interested in learning more, then schedule a free, no-obligation phone call with our team of legal advocates. Get started now by leaving your contact details on our online form.