Norman Adie, owner of the much-loved two screen Brooklyn Heights Cinema at Henry and Orange Streets, has been charged with fraud in connection with a scheme that involved promising investors he would turn the Cinema site into condos.
New York Post: The feds brought down the curtain today on an alleged fraud scheme by the owner of the Brooklyn Heights Cinema.
Norman Adie was busted for allegedly pocketing $530,000 he said would finance development plans that included turning the beloved two-screen movie house into condos.
Adie, 53, promised three unidentified victims returns as high as 13.5 percent, but made only several payments to two of them after they handed over their cash in 2007, court papers charge.
And instead of investing the dough as promised, Adie used most of it for “personal purposes,” according to a complaint filed in Manhattan federal court.
According to the Post story, Adie faces up to 80 years in prison for securities and wire fraud. What will become of the Cinema is not clear.