Tides of big real estate money are not just flowing to Albany politicians. There appears to
be some serious investment of big cash from the unscrupulous into New York City real estate, the NY Times reports.
Excerpt:
But such checks are not required on money flowing into the country through shell companies to purchase high-end real estate.
L.L.C.s [Limited Liability Corporations] and other entities can be established in various states without revealing their true owners. Even when such companies move money through a bank account, banks are not required to know who is behind the transaction because of a loophole in the law.
Excerpt:
But such checks are not required on money flowing into the country through shell companies to purchase high-end real estate.
L.L.C.s [Limited Liability Corporations] and other entities can be established in various states without revealing their true owners. Even when such companies move money through a bank account, banks are not required to know who is behind the transaction because of a loophole in the law.
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