button in SafariNew York Man Allegedly Gambled Using a $5.7M Real Estate Scam
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A New York man stands accused of fraudulently obtaining more than $5.7 million from investors, money he allegedly spent on personal expenses and gambling. Police officers arrested Andrew Laub in the Goldens Bridge area of New York earlier this week and charged him with wire fraud amounting to $5,758,630.
Documents submitted to the United States District Court for the Southern District of New York show Laub claimed to be an experienced property developer who once worked for a real estate company that managed more than $750 million in assets. Laub's LinkedIn profile shows he has held the role of CEO and Co-Founder of Keneh Ventures, a private equity fund, since January 2017.
Prosecutors allege Laub solicited investments for the purchase, renovation, and resale of properties located in New York, promising investors substantial returns. However, a review of Laub's bank records reveals he used the money received on personal expenses, gambling, and Ponzi-type payments to victims.
First Victim Invested Millions of Dollars
In 2020, Laub received approximately $250,000 from a victim after promising to pay 45% interest. Laub initially paid those sky-high interest payments, prompting the first victim and their family to offer additional loans.
After lending Laub millions of dollars over the space of five years, and after payments had dried up, the first victim called Laub and recorded the conversation. Laub admitted to not investing the monies received in real estate, instead using the money for personal expenses. Additionally, Laub admitted to creating fake emails to make the victim believe their money was properly invested.
Selling a Share in a Property He Never Owned
A second victim invested $180,000 in mid-2025 after Laub claimed he had placed a deposit on a property in the Bronx. Laub said both he and the victim would invest $180,000 and then share a $55,000 profit 45 days later once they had renovated and sold the property. Investigators discovered that Laub never held an ownership interest in this property.
Scamming a Childhood Friend
Laub even scammed a third person whom he had known since childhood. The third victim ultimately wired $325,000 to Laub after being offered a 50% return, meaning they would receive $487,500 once this latest New York property sold. However, Laub never held an ownership interest in the property.
The same court documents state that Laub misused the victims' money.
"Based on my review of bank records for Andrew Laub, the defendant, I have learned that, during the course of the fraud, Laub sent payments to some victims after receiving money from other victims. It also appears that much of the money sent to Laub by victims was spent on personal items and gambling."
Although the documents clearly state that Laub gambled some of the $5.76 million, they neglect to say how much he frittered away on gambling or where the gambling occurred.
Should Laub be found guilty, he faces up to 20 years in prison.
