October 18, 2016 2:46 PM
Oct. 18 -- For decades a Manhattan landlord named Steve Croman has bought properties, rid them of rent-stabilized tenants, and filled them with more profitable replacements. In May, New York State Attorney General Eric Schneiderman tried to put a stop to these practices, indicting Croman for grand larceny, tax fraud, and falsifying business records. The heart of the case is $45 million worth of loans Croman allegedly secured by falsely claiming certain properties had been emptied of stabilized tenants. If convicted, he faces as much as 25 years in prison. Bloomberg Businessweek's Simon van Zuylen-Wood has more on "Bloomberg Markets."