Former Vornado Executive Convicted in Decade Long $9.5 Million Fraud and Identity Theft Scheme

Former leasing executive Jared Solomon found guilty of fraud and identity theft in a decade long scheme to siphon $9.5 million from Vornado Realty Trust.

By: AXL Media

Published: Apr 24, 2026, 9:13 AM EDT

Source: Bisnow

Federal Jury Returns Swift Verdict in Manhattan Court

Following a weeklong trial in the Southern District of New York, a federal jury required only 90 minutes of deliberation to find 48 year old Jared Solomon guilty on all counts. The charges included one count of wire fraud, two counts of bank fraud, and one count of aggravated identity theft. The swiftness of the verdict underscores the weight of the evidence presented by prosecutors, which detailed how Solomon abused his position of trust at Vornado to enrich himself at the company's expense.

Immediately following the announcement of the verdict, U.S. District Judge Loretta Preska ordered Solomon into custody, citing him as a flight risk. Previously, Solomon had been under house arrest with electronic monitoring. He now faces a theoretical maximum of 82 years in federal prison, though sentencing guidelines suggest a more likely term of approximately 13 years when he is sentenced in August 2026.

Mechanics of a Multi Million Dollar Deception

The prosecution detailed a sophisticated operation where Solomon created nonexistent entities named Margoux Media and Cobalt Advisors. These "paper companies" were positioned as legitimate brokerages to which Vornado paid commissions for digital signage leases, most notably at high profile locations such as 1540 Broadway in Times Square. Solomon allegedly forged the signatures of real individuals on brokerage agreements to give the invoices an air of legitimacy before submitting them to Vornado’s accounts payable department.

TRANSFORMATIVE ANALYSIS: This case highlights a significant vulnerability in the internal audit controls of major real estate investment trusts (REITs). For a decade, the systemic lack of verification regarding third party brokerage credentials allowed Solomon to bypass traditional oversight. The use of digital signage assets as the vehicle for fraud is particularly strategic, as these specialized advertising contracts often involve different commission structures than standard office leases, making them easier to obfuscate within a massive corporate portfolio.