Towson Attorney Pleads Guilty to Bank Fraud in Real Estate Scheme Affecting Maryland Properties
Jacob Rappaport, a Towson attorney, has pled guilty to conspiracy to commit bank fraud in connection with a real estate scheme involving fraudulent transactions in Maryland. Rappaport represented Alexander Schultz and his company, Limitless Management, which engaged in buying, selling, and managing real estate. The scheme involved manipulating the sale and purchase prices of properties to deceive lenders. In one instance, Coventry Realty, controlled by Schultz, purchased Coventry Manor for $5.5 million and later obtained a loan for $6.2 million. Rappaport prepared fraudulent contracts to inflate the sale price to $7.8 million, while the actual price was $6.9 million. The scheme included undisclosed side agreements and fictitious credits to mislead the bank. Rappaport also facilitated a similar scheme involving 42 residential homes in Baltimore, where the purchase price was inflated to $6.93 million from an actual price of $3.675 million. Rappaport faces up to 30 years in federal prison, with sentencing sch... 
