NEW YORK CITY—According to a consent decree signed on Wednesday, landlord Steven Croman has agreed to pay $8 million to tenants, and allow an independent management company with which he has no ties to manage over 100 of his residential properties. The settlement with New York Attorney General Eric Schneiderman also requires that a monitor oversee Croman's compliance with the settlement, providing quarterly reports to Schneiderman's office for seven years.
As reported by GlobeSt.com in October, Croman began a one-year jail sentence and paid a $5 million tax settlement for the AG's separate criminal charges of fraudulent refinancing of loans and tax fraud.
Regarding the civil case, Schneiderman says, “We're ensuring tenants get the restitution and protections they deserve—including the largest-ever settlement with an individual landlord, and unprecedented independent management and monitoring at his properties.”
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
