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An embattled former executive of a New York real estate development firm was indicted Wednesday on charges he allegedly conspired in an $86.6 million fraud scheme.
Nir Meir, the 49-year-old former managing principal of HFZ Capital Group, was indicted for tax fraud, falsifying business records, and various counts of larceny after allegedly bilking investors, subcontractors, and the city through a years-long scheme.
Meir was arrested Monday night at the 1 Hotel in South Beach, where he had been renting an apartment, New York Magazine reported. He pleaded not guilty in front of a Florida judge and is now facing extradition to New York. Prosecutors allege that Meir and others falsified construction costs, lied to investors, and inflated invoices to make it appear like several projects were further along than they actually were.