By Shayna Jacobs
DNAinfo Reporter/Producer
MANHATTAN SUPREME COURT — A former real estate tycoon pleaded guilty Friday to scamming family, friends, Bank of America and others out of nearly $20 million in a complex property scheme.
The fallen top broker, Adam Hochfelder was indicted twice for allegedly misrepresenting assets to lenders and making large property investments based on collateral that didn't exist from October 2002 to March 2007.
He pleaded guilty Friday to nine counts of grand larceny and three counts of scheme to defraud
The father of two is facing a maximum sentence of four to 12 years in prison.