Andrew Laub Accused of $5.7M Real Estate Investment Scam

A New York man is facing serious federal charges after allegedly orchestrating a massive investment fraud scheme that bilked victims out of more than $5.7 million. Andrew Laub, who presented himself as a seasoned property developer, was arrested in the Goldens Bridge area of New York earlier this week. He now faces charges of wire fraud totaling $5,758,630, with prosecutors alleging that the funds were funneled into personal expenses and gambling rather than the promised real estate ventures.

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The Facade of a Real Estate Mogul

According to documents filed in the United States District Court for the Southern District of New York, Laub cultivated an image of professional success. He claimed to have previously worked for a firm managing over $750 million in assets and maintained a LinkedIn profile identifying himself as the CEO and Co-Founder of Keneh Ventures, a private equity fund he has led since January 2017. Using this veneer of credibility, Laub solicited capital for the purchase, renovation, and resale of various New York properties, dangling the promise of substantial returns to lure in unsuspecting investors.

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A Web of Deceit and Ponzi-Style Payments

The investigation into Laub’s finances revealed a classic cycle of deception. In 2020, he secured approximately $250,000 from an initial victim by promising a 45% return. To maintain the illusion of a profitable investment, Laub paid out the promised interest, which successfully encouraged the victim and their family to provide even more capital over the next five years. When the payments eventually ceased, the victim recorded a conversation with Laub, during which he admitted that the money had never been invested in property and that he had fabricated emails to conceal his misuse of the funds.

The scope of the fraud extended to others, including a childhood friend who wired $325,000 after being promised a 50% return on a property deal. Another victim invested $180,000 in mid-2025 based on a false claim that Laub had placed a deposit on a Bronx property. Investigators confirmed that in these instances, Laub held no ownership interest in the properties whatsoever.

Misuse of Funds and Gambling Allegations

Court documents explicitly state that Laub misused the victims’ money to cover personal costs and gambling debts. Prosecutors noted that Laub frequently used funds from new victims to make “Ponzi-type” payments to earlier investors, a common tactic used to delay the discovery of the fraud. While the documents confirm that a portion of the $5.76 million was lost to gambling, they do not specify the exact amount or the locations where the gambling occurred.

If convicted, Laub faces a maximum sentence of 20 years in federal prison. The case serves as a stark reminder of the importance of due diligence, as even those closest to an individual can fall victim to sophisticated financial manipulation.

Source: PokerNews Online

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