NEW YORK (BNO NEWS) – A man was arrested in New York after his second indictment on charges of defrauding investors in two real estate deals, prosecutors said.

Adam C. Hochfelder was charged with engaging in schemes to steal approximately $2.5 million from investors in his supposed purchase of the Sagamore Hotel on Lake George and The Peaks Resort and Spa in Telluride, Colorado, Manhattan District Attorney Cyrus R. Vance, Jr. said.

Hochfelder had been previously facing a 58-charge indictment based on a plan in 2008 worth more than $17 million through a series of fraudulent loans from banks, friends, and family, and through a fictitious real estate project.

In August 2007, Hochfelder told investors that he was under contract to acquire the Sagamore Hotel, and that they could purchase a part of his equity in the deal. Despite once being the high bidder for the Sagamore, Hochfelder had no equity in the hotel, and his contract to purchase the hotel had expired.

Nonetheless, Hochfelder continued to receive more than $500,000 from investors, using the funds to pay his personal expenses including unsettled legal bills, unpaid creditors, a personal driver, and trips on a private jet.

Hochfelder also stole money from investors in a real estate project called The Peaks Resort and Spa in Telluride, Colorado. He was again the high bidder of the project, financing his extravagant lifestyle with a similar scheme that helped him obtain money from friends and business associates.

Several victims contacted Hochfelder regarding their investments, asking that their money be returned. He claimed that their investments were still safe and even provided some victims with fake documents, which detailed Hochfelder Family Trust accounts holding amounts between $11 million to $26 million.

Holchfelder is now facing several charges that may equal up to sixty-five years in prison.