Jared Solomon, a former leasing executive at Vornado Realty Trust, was found guilty on all counts in his federal fraud trial, according to an April 25 announcement. The verdict followed five days of proceedings that revealed what prosecutors described as a yearslong scheme involving millions of dollars siphoned from the real estate investment trust. U.S. District Judge Loretta Preska ordered Solomon taken into custody immediately after the verdict, citing concerns that he posed a flight risk.
The case centered on allegations that Solomon created three sham brokerage firms while working in Vornado’s leasing department and steered commissions to those entities by billing his employer for their services. Prosecutors said this allowed him to pocket about $9.5 million, which he used to fund an expensive lifestyle including multimillion-dollar homes, luxury vehicles such as a Porsche, and membership at an exclusive country club.
During the trial, prosecutors presented evidence that included Solomon’s admission during a proffer session that one key entity involved in the scheme was not a real company and that he had falsified documents related to it. This contradicted the defense’s argument that there was “no fake company” and undermined claims that the arrangement was legitimate outside brokerage work.
Testimony from Glen Weiss, head of leasing at Vornado Realty Trust, supported the prosecution’s narrative by stating: “I trusted Jared Solomon.” Assets tied to the fraudulent activities included high-profile properties such as the digital billboard at 1540 Broadway where Solomon allegedly acted as broker for both landlord and tenant.
Solomon faces up to 13 years in prison with sentencing scheduled for August 4. The case highlights risks associated with internal roles at major landlords where unclear boundaries around commissions can lead to criminal charges if documentation is not properly maintained.
