Crime & Safety
Disbarred Red Bank Attorney Charged with Real Estate Fraud
Alexander Iler was arrested on a charge of second-degree theft for fraudulently converting the ownership of a Middletown property to his own name.
A former Red Bank lawyer was arrested Wednesday after an investigation by the Monmouth County Prosecutor's Office revealed he committed real estate fraud by manufacturing a phony home sale and then loading the property up with debt to the tune of $1 million, according to a release.
Alexander Iler, a Red Bank lawyer who operated a law office on Broad Street before being disbarred this past July, was charged with second-degree theft for allegedly fraudulently converting the ownership of a Middletown property to his own name. The 38-year-old Middletown resident assumed ownership of the property by recording a deed at the Monmouth County Clerk's Office, which contained a forged signature of the purported seller, according to officials.
No sale of the property had taken place.
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The fraudulent deed reflected the transfer of the property from the seller to Iler for $575,000 in December 2011. Following the phony purchase, the prosecutor's office said, Iler encumbered the real estate with multiple mortgages totalling approximately $1 million.
Iler was arrested and remanded to the Monmouth County Correctional Institution in lieu of $250,000 bail, with no 10 percent option. If convicted, Iler faces a maximum sentence of 10 years in prison.
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According to his business profile, Iler, a criminal attorney, specialized in traffic violations and Internet crimes, among others.
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