By Shayna Jacobs
DNAinfo Reporter/Producer
MANHATTAN SUPREME COURT — A former Manhattan real estate dealer who claimed his cocaine habit and bipolar affliction led him to defraud his family and friends of $18 million received a lighter than expected prison sentence from a sympathetic judge Monday.
Manhattan Supreme Court Judge Michael Obus originally vowed that fallen real estate tycoon Adam Hochfelder would get a sentence of four to 12 years in prison, but relented Monday and gave him 32 months to eight years instead.
"I'm not sure if this is the right decision but I believe it is at this point," Obus said after a three-hour emotional sentencing.
Hochfelder, a father of two, sobbed throughout his statement to the court, barely able to speak when the topic turned to his young sons and the absence he would leave in their lives while he serves his time behind bars.
"I will be home soon to hold you and snuggle with you," said the choked-up former businessman, who reportedly used his ill-gotten monies to fund a lavish lifestyle replete with private jets and several luxurious homes.
Hochfelder pleaded guilty in May to fifteen counts of grand larceny and other charges.
He pretended to have very valuable assets in order to obtain substantial loans from family members, friends and financial institutions from 2002 to 2007, according to court documents. He also acquired loans by using forged documents, he admitted.
"I am so filled and consumed with sincere and great remorse and now I truly hope that you have seen all that I have done," pleaded Hochfelder, who claims to have been drug and alcohol free for more than two years.
Hochfelder will be eligible for early release on good behavior from prison in 27 months.
He pledged to pay back every dollar owed to each of his victims. He has a balance of $9.5 million left to pay in restitution.
The Manhattan District Attorney's office asked that Hochfelder be made to serve the stiffer sentence, pointing to the fact that once he was caught, he attempted to use money he scammed from clients to pay restitution to previous victims.
"Hochfelder held himself out as a legitimate businessperson while systematically violating his victims’ trust," DA Cy Vance Jr. said.
Outisde the courtroom, Hochfelder's supporters, including his parents and fiance, embraced and shared words of encouragement.
After seeing his son off in handcuffs, Hochfelder's father, James, told reporters the softer prison sentence was little consolation.
"I'm not happy," the elder Hochfelder said. "Nobody's happy."
