Moses Brach, 30, of 182 Lynch St. in Brooklyn, and Joel Brach, 27, of 137-68 70th Ave. in Flushing, allegedly stole $217,000 of equity from Hoesey Walker's Cambria Heights home, Brown said.Moses Brach was arraigned Jan. 31 before Queens Supreme Court Judge James P. Griffin on charges of grand larceny and criminal possession of stolen property, Brown said. He was held on $25,000 bail and forced to give up his passport.His brother was being sought and is believed to be hiding in Israel, according to the DA.The brothers face up to 15 years in prison if convicted, Brown said.Joel Brach, a real estate broker for Hollis-based Home Energizer Inc., was hired by Walker in February 2007 to help him buy real estate, according to the DA.During that month, Walker bought one Brooklyn and one Queens property for a combined $1.37 million, Brown said.Shortly after Walker bought the properties, his daughter, Kim Walker, a corrections officer, noticed that he displayed signs of dementia and that he did not understand the financial consequences of what he bought, the DA said.Walker's daughter also found that his primary residence at 114-21 228th St. in Cambria Heights was sold, Brown said.The DA said the home was sold in March 2007 to Joel and Moses Brach for $440,000, with $217,000 in equity from the sale placed in a Wachovia bank account listed under the brothers and Walker."The victim is alleged to have been swindled out of his life savings and his home by the two defendants who are accused of taking advantage of an elderly man suffering from dementia to strip the equity dollars from the victim's home without regard to the financial consequences or human suffering that their alleged actions would cause," the DA said in a statement.Brown said an investigation by his office found that the Wachovia account was originally listed only under Joel Brach's name, but his brother and Hoesey Walker were later added to the account.Walker did not know his name was on the joint account, the DA said.Brown also said Walker was not at the closing of his home, which was conducted at Joel Brach's house. A $217,000 check written to Walker was deposited into the Wachovia account, he said.The DA's office learned of the check after a Wachovia representative contacted Walker and his family because of "the suspicious nature of the deposit," Brown said.The account's assets were later frozen, the DA said.After the brothers allegedly sold the house out from under Walker, they filed a $407,537 mortgage against the Cambria Heights home and the property is "near foreclosure," Brown said.Before Walker's home was sold, he had $187,633 left on his mortgage, the DA said.Reach reporter Howard Koplowitz by e-mail at email@example.com or by phone at 718-229-0300, Ext. 173.
©2008 Community News Group
By submitting this comment, you agree to the following terms:
You agree that you, and not TimesLedger.com or its affiliates, are fully responsible for the content that you post. You agree not to post any abusive, obscene, vulgar, slanderous, hateful, threatening or sexually-oriented material or any material that may violate applicable law; doing so may lead to the removal of your post and to your being permanently banned from posting to the site. You grant to TimesLedger.com the royalty-free, irrevocable, perpetual and fully sublicensable license to use, reproduce, modify, adapt, publish, translate, create derivative works from, distribute, perform and display such content in whole or in part world-wide and to incorporate it in other works in any form, media or technology now known or later developed.