Office of the District Attorney

P. David Soares
6 Lodge Street
Albany, New York 12207
(518) 487-5460
(518) 487-5093 FAX

Couple Arraigned on Sealed Indictment for Multi-Million Dollar Mortgage Fraud Scheme and Conspiracy

ALBANY, NY – District Attorney P. David Soares today announced that NIKOLE SUTLIFF, A.K.A. NIKOLE RILEY, 32, and STEPHEN SUTLIFF, 37, both of Kirby Drive in Saratoga Springs, NY, were arraigned in Saratoga County Court this morning on a sealed indictment consisting of (9) counts of Grand Larceny in the Second Degree, a Class “C” Felony, and (1) count of Conspiracy in the Fourth Degree, a Class “E” Felony.

DA Soares was appointed Special Prosecutor to the case at the request of Saratoga County District Attorney James Murphy.

Additionally, the Office of the Albany County District Attorney filed a civil complaint against the couple to recover $2.3 million in forfeiture from proceeds obtained as a result of the illegal mortgage fraud schemes.

The indictment alleges that between December 2006 and March 2007, NICKOLE and STEPHEN SUTLIFF engaged in a scheme where multiple mortgages were fraudulently obtained for addresses in Saratoga County, and the proceeds were shared among themselves, totaling in excess of $2,300,000.

The properties involved are:

135 Washington Street ;
46 Thoroughbred Drive;
162 Grand Avunue;
178 Grand Avenue;
208 Grand Avenue; and
54 Kirby Street.

It is alleged that the proceeds of these schemes were used by the couple to purchase:

A 2007 BMW 335i Sedan;
A 2007 BMW X3;
A 2003 Chevrolet Silverado;
A tavern named “Dream Street” located at 49 South Glens Falls, NY; and
A nightclub named “Saratoga Winners” located at 1375 and 1391 Loudon Road in Latham, NY.

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