Bergen County Prosecutor Gurbir S. Grewal announced the arrest of Mr. Peter Live, 41, Newark, on Failure to Make Lawful Disposition of Property Received, Theft by Deception, and Misconduct by Corporate Official charges.
According to authorities to a statement released by the Bergen County Prosecutor's Office, between December 2016 and June 2017, the Fort Lee Police Department received complaints from five clients of Live Realty, Inc., a Fort Lee-based realty company owned and operated by Peter Live.
Authorities said each of the complainants reported that they had made down payments relative to real estate purchases directly to Mr. Live and that instead of holding the money in escrow, Mr. LIVE kept the money and failed to complete the real estate transactions.
The investigation revealed that Live received approximately $345,000 from his real estate clients which he deposited into business accounts under his control, and then withdrew and used the funds for his purposes.
Authorities said Peter Live did not complete any of the related property purchases for the complaining clients.
As a result of the investigation, police arrested Live on Thursday, October 5th in Paramus and charged him with one count of Failure to Make Lawful Disposition of Property Received, with a value higher than $75,000, one count of Theft by Deception, with a value greater than $75,000, and one count of Misconduct by a Corporate Official, thereby deriving a benefit greater than $75,000, in
Police served Mr. Live with a Complaint- Summons and released, and is scheduled to appear in Bergen County Central Judicial Processing Court for a first appearance on Wednesday, October 18th at 8:30 a.m.
Prosecutor Grewal states that these charges are merely accusations and that the defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt.