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The original item was published from 9/21/2015 12:10:00 PM to 9/21/2015 12:12:52 PM.

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District Attorney

Posted on: September 18, 2015

[ARCHIVED] Suffolk Home Renovation Contractor Arrested for Defrauding Real Estate Investors

FOUCHE, GARY H   072368.jpg

Gary Fouche, 47, of Amityville, embezzled more than $350,000 and forged property records

MINEOLA, N.Y. – Acting Nassau County District Attorney Madeline Singas announced the arrest today of an Amityville man who allegedly bilked real estate investors of more than $350,000 and used the money for personal use and unrelated business ventures.

Gary Fouche, 47, of Amityville was arrested by DA investigators and arraigned today on a charge of Grand Larceny in the 2nd Degree (a C felony) and Criminal Possession of a Forged Instrument in the 2nd Degree (a D felony). Nassau County District Court Judge James Darcy released the defendant on his own recognizance. Fouche faces a maximum sentence of 5 to 15 years in prison, and is due back in court on September 30.

“The defendant allegedly convinced his victims that they would see great returns on their real estate investments, but instead he used their money to line his own pockets,” Acting DA Singas said. “Real estate scams are all too common in New York and I encourage anyone who feels that they may have been victimized to reach out to my office.”

Acting DA Singas said that Fouche met the investors, a married couple, in October 2013 and told them that his company, Vestor Homes LLC, acquired, renovated and flipped single family homes for a profit. The defendant told the victims that if the invested with him that their return was “guaranteed” because the title to the property would remain in the name of the investor.

Fouche showed the investors documents that indicated previous investments secured a return of more than 20% and said he currently had ten properties that may be suitable for investment. He also indicated that he could flip the properties between six to nine months and if the property didn’t sell in a year, he would give the investors their money back.

The couple invested $184,500 in January 2014 on a property located in Amityville and $181,500 in February 2014 on a property located in Hempstead. Fouche sent the investors copies of two fraudulent deeds to the properties in February and March 2014 showing real estate transactions that had not actually taken place.

Fouche told investors in January 2015 that they would soon be seeing their percentages and a return of their original investment, but by February he stopped communicating with them. The couple then hired an attorney and discovered that the deeds to the Amityville and Hempstead properties were forgeries. Vestor subsequently filed for bankruptcy and the District Attorney’s Office opened an investigation in March.

The money wired by the victims was used for cash ATM withdrawals and in some instances to buy building materials for unrelated properties.

Any persons who invested with Fouche or his companies – Vestor Homes, 3BI Corp or Community Rehab & Enhancement – who had similar problems can contact the Nassau County District Attorney’s Economic Crimes Bureau at (516) 571-2149.

Assistant District Attorney Diane Peress, Bureau Chief of Acting DA Singas’ Economic Crimes Bureau is prosecuting the case. Fouche is represented by Scott Limmer, Esq.

The charges are merely accusations and the defendant is presumed innocent until and unless found guilty.

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