New York Man Charged with Wire Fraud Over Alleged Real Estate Scheme That Funded Gambling
Andrew Laub, 59, faces wire fraud charges after allegedly using $5.76 million from fake real estate investments to fund gambling and personal expenses in a Ponzi-like scheme from 2020-2025. Specific victims lost $250k, $180k and $325k on unfulfilled high-return promises. He was arrested November 10 and could receive up to 20 years.
SCCG Take — The unspecified gambling volume in the Laub case flags a persistent gap in tracing illicit funds through gaming channels. Operators and regulators should treat such intersections as routine compliance triggers.
Federal prosecutors say a New York man persuaded friends and family to invest millions in fictitious real estate deals, then diverted the money to personal expenses and gambling.
Andrew Laub, 59, of Goldens Bridge, N.Y., was arrested Tuesday (Nov. 10) and charged with wire fraud in the Southern District of New York. The scheme ran from 2020 through December 2025. Three identified victims lost approximately $5.76 million.
Promises of Huge Returns
Laub presented himself as an experienced property developer who had worked with a firm managing more than $750 million in assets. He offered investments in New York and other properties, promising high returns.
One Westchester County investor lent $250,000 in 2020 after Laub promised approximately 45% annual interest. Laub made payments framed as returns and persuaded the investor plus family members to commit millions more. A Connecticut investor contributed $180,000 for a Bronx property resale, promised a $27,500 profit within about 45 days. That property had last sold to an unrelated buyer in 2006.
A Florida resident who knew Laub since childhood invested $325,000 in a Bedford, N.Y., property, promised 50% returns within 90 to 120 days. No offer to purchase was ever made. The arrangement used new investor funds to pay earlier ones in a Ponzi-like structure. One victim recorded a call in which Laub admitted the money had never been invested as promised and that he fabricated emails to conceal it.
Gambling Connection and Case Limits
Bank records showed substantial amounts directed to personal spending and gambling. Prosecutors did not specify how much was gambled or where, according to reporting by Casino.org. Laub appeared before a federal magistrate judge in White Plains. He faces up to 20 years in prison if convicted.
The complaint leaves the precise scale of gambling activity undisclosed, limiting any immediate read on downstream compliance signals for licensed operators.
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