Elviston Ramasir of Manorville has pleaded guilty in federal court...

Elviston Ramasir of Manorville has pleaded guilty in federal court in Manhattan to scams involving investments in foreclosed homes. (Dec. 2, 2010) Credit: AP

The former president of an East Meadow real estate company pleaded guilty Friday in federal court in Manhattan to charges in two real estate fraud schemes.

From about June 2008 to 2009, Elviston Ramasir, 27, "lined his pockets" with more than $1.5 million from investors by promising a 40 percent profit on foreclosures that he said he would buy but never did, said U.S. Attorney Preet Bharara. All but one of the 38 properties he told investors about did not exist or were owned by others with no affiliation to Ramasir, who led Home Free Realty, Bharara said.

Ramasir, of Manorville, used some of the funds on cosmetic surgery and credit card and student loan debt, federal officials said. While out on bail last year, he used an alias to post a Craigslist ad to get renters on two properties he owned and collected thousands of dollars without any intention of providing housing, according to federal officials.

Ramasir faces fines and up to 70 years on three counts of wire fraud and violation of bail terms. Besides repaying five victims, he will forfeit up to about $1.52 million and his ownership in the Long Beach and South Ozone Park properties in the rental scheme, according to his plea agreement.

His attorney, Lawrence Schoenbach of Manhattan, declined to comment Friday.

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