REAL HOUSEWIVES OF NEW YORK… PT HOUSEWIFE: Reid Drescher Sued For “Investment Fraud”…

September 7, 2012  10:50 am

A husband of one of the Real Housewives of New York has been sued for… among other things… investment fraud.  

Reid Drescher was involved in raising capital for Magla… a small, privately-owned company.  Magla’s line of credit with their bank was tightened and their lender strongly suggested that Magla find another source for financing their business. Magla got involved with Cape Financial to raise $4 million to keep their business afloat.

In court documents, Cape Financial (Reid Drescher) assured Magla that raising $4 million would be no problem.

However,  CF could not raise the necessary $4 million which Magla needed to keep their business afloat and their employees paid.

CF understood the stress the company owners were under and suggested that Magla hand over a home the 84-year-old head of Magla owned in North Carolina.  Magla  followed CF’s suggestion and handed over the property!

Despite Magla’s best efforts, they were forced to lay off employees and the company folded around July 2011.

Jordan Glatt, one of the plaintiffs against Reid Drescher was the mayor of Summit, NJ until last year.

Reid Drescher’s brother, Stephen Drescher, was the answer to a recent SH blind item.  Stephen Drescher was indicted, found guilty and served time for securities fraud in 2000…Drescher was stripped of his license and is now using surrogates and “straw men” …”

NOTE:  In Wall Street/investment capital speak… isn’t $4 million a paltry sum?  Is PT another Housewife who is all smoke and mirrors?  Was this lawsuit one of the determining factors for PT to sign up for the RHONY… knowing that the Bravo paycheck was necessary to continue their facade?

Is it REALLY about the children who are missing legs??  ‘Cause PT Housewife did not get involved with her “charity” until late last year!   Or is it REALLY about needing the money!?

Every time I see the ArticLights crystal being used by PT Housewife, the more I wanna get rid of mine!

(Thanks to SH readers “CNH” “LB” and “GF”!!)

About these ads

140 comments on “REAL HOUSEWIVES OF NEW YORK… PT HOUSEWIFE: Reid Drescher Sued For “Investment Fraud”…

  1. How could you come on a reality show and act so high and mighty when your husband and BIL are scamming people of of their life savings.PT’s charity will not get any of the $$ raised if they can figure out how to swindle all the $$ in their direction.I hope the reunion focuses solely on PT and her family.

    • No kidding Susie.. She acts like everyone is beneath her, like she is all classy.. She was hurt in an accident, and uses it as a crutch… She talks down to others… Her father is a pig, and she has the nerve to say Ramona, ans Sonja are white trash… I hope she gets slammed by others, including Mandy. Perhaps her and the “ford” lady from Beverly hills, can share notes… They are so alike…

    • I hope that Andy at least calls her out on reunion…..remember she’s the one bringing dignity to the show…..hmmm…nothing more dignified than fraud. Yes, miz avivia….keep bringing the dignity….the viewers are loving it!

  2. A la cherry, lawdy, lawdy, lawdy!
    And you miss SH you posted the suit for us to gawk at!!!! BRILLIANT!
    As I’ve said from the beginning Reid is a nobody in the finance world. $4million? And a couple hundred Gs in his pocket? Bahahabahhahha. He’s as much a cheap fake as his wife and her handbags are. Two desperate social nobodies, bravo has done it again.
    Wonder when they’ll be moving into George’s Miami condo full time. I bet PT is pining away for Harry Dubin all over again. LMAO!

    • He scammed an elderly sickly man……..Reid i know Yom Kippur is around the corner, but all the repentance in the world won’t fix this mess.

      • Too bad they don’t nail him criminally for elder abuse, scamming old people is just about as TRASHY as can be and lower than a snakes belly.

        • I think it’s enough that the whole world sees what a small time, cant come up with a piddly $4mil, schlock Reid is, and that he ain’t no MOGUL, that in itself will keep PT in mortification for years to come.

    • Harry Dubin, the father that used his little son to visit his work – 4 guys
      creating an app of a cartoon pig doing a butt dance? Just so he can get free TV exposure?

      what a jerk

        • Me too! Also, they would have to kiss Andy’s arse to stay on the show and keep making the $. He likes to pull the strings like a puppeteer. I really do believe that they have to be crooks or bankrupt as a requirement for being on the show these days.

          • They ALL have the same mo. They ALL way overstate their net worth, way overspend money the don’t have, engage in shady business practices, were or are involved in legal proceedings, owe people money left and right. Bravo has set the bar so very low to be a housewife because it can manipulate the drama better that way.

    • but is Harry hurting for money too? Otherwise why not pay the child support he owes? An amount I believe he claimed was small. If it’s small and you have lots of $, why haven’t you paid it?

      • I dare say the kid would prolly be better off if the father got custody. Harry’s terror at having a dry spell compelling him to nail anything that moves is better than PT’s massive issues for sure.

        • MP, how do you think PT has reacted to this shady business of her husbands,and what do you think she will do to him tonite?

          • You mean she didnt know? I figured she did. She prolly verbally attacks him daily for being less than adequate… and yet she cant leave me… regardless of all the fellers she thinks is out there just waiting to snap her up.
            His “business” was part of the storyline on RHNY since he claimed to have business in St Barths so… its all fair game and should be addressed on reunion.

  3. I think PT should play herself in a Woody Allen movie. She is a typical pretentious, neurotic, self absorbed nobody (new yorker) who thinks the world revolves around her and PW-ed enabling husband.

      • Oh yeah that’s right it was Ramona. Poor Sonja was being berated for taking care of her little dog. I guess PT was thinking that Reid MUST have done something praise worthy since he wasn’t actively scamming her new “friends.”
        “Thank you sooo much Reid for not breaking one off in us, much appreciated. Thank you thank you thank you. Should be start feeding you grapes now?”

  4. There is a very important lesson here for all “housewives”. Never attempt to manage our beloved Ms. SH! However I think she is doing a fine job destroying herself on the show and the more appropriate response might be to ignore her completely, like Traylor Trash. Let her just fade back into obscurity.

  5. Aviva forgot the rest of her tag line: “Never underestimate a girl born and raised in NYC…who married a crook and has a brother in law who served federal time, and who refuses to take her meds; but this isn’t about me, it’s about children who need legs. Oh and I don’t like airplanes. Holla!”

  6. Am sure there is some shady business going on here but when you have money to invest and property you are signing over for collateral you pretty sure better know what you’re doing. So many greedy people that will fork over $$ like to madoff when they haven’t protected themselves. Sounds like the court will have to decide if there is fraud involved or just sour grapes.

    • Daisy, yes ppl were greedy and looking the other way with madoff, but the fact remains he was a fraud and masterminded the largest ponzi scheme in history. In Reid’s case the old man wasn’t looking to get rich, he was doing business And NEEDED to raise capital. Reid knew it was a dud, but still took the money, cuz he’s a crook and he needed the cash himself.

  7. Bravo should know that having someone in the Wall Street game will turn into someone getting sued for investment fraud.

    Reid didn’t seem like that type of guy, then again it’s The Real Housewives franchise.

  8. Not defending Aviva’s husband whatsoever (I find Aviva to be a disgrace), and as they say, “where there’s smoke, there’s fire,” but as I understand it, the judge has not ruled on the lawsuit yet, so . . . innocent until proven guilty. I agree, though, it does look bad and Reid probably is a scumbag conman. Wow–only $4 million?!? In the world of Wall Street, that’s peanuts and he is a very small-time player.

  9. You’ll are out of control in here. LOL. Now I understand why PT was angry with Sonja and Ramona for not coming to her fundraiser. PT needed a check. Remember when Luann showed up and was confused about the spinning class being for charity and she said let me get my checkbook. Luann didn’t know until she got there that it was for charity. PT pretends that the condo in Miami is hers which is really a gift from her father, hence the oversized family photos and the high tolerance of her creepy disgusting father. I wonder did her father pay for their NY residence as well. I also wonder does PT flip out on her husband on the daily but he has to take it because what other options does he have? PT has all this fancy education with no career. Her father has been sued and now her husband and brother-in-law. What is going on with people? And finally, is Andy C. from the Devil? LOL.

  10. Maybe someone should take a look at Aviva’s charity as well. Ramona better not deduct her donation to the charity on her federal taxes as it does not have 501(c)(3) status with the Internal Revenue Service (as most tax-exempt charities typically do). The One Step Ahead Foundation says, on its website that it is “not-for-profit,” which is not identical to “non-profit.” Since it is not a 501(c)(3) organization, it is not required to share any financial statements or information with the public whatsoever, so contributors have no idea how their money is being spent, or whose pockets it’s going into. Also, its stated mission is that it is “dedicated to giving children with physical disabilities positive experiences through sports.” I’m not saying that’s not a worthwhile cause, but watching Jake on the show getting his prosthetic legs, I was under the impression that donating those legs to children was the purpose of the Foundation, but it isn’t–it’s sports activities. I would choose to give money to a charity (with transparency as far as its financial statements) whose sole purpose is providing prosthetic limbs to people before I would ever give to a charity that organizes sports activities for people lacking limbs–just my personal preference. Also, can someone please explain to me why, on the Foundation’s donation page, you can choose to make a regular donation, or one “in Aviva Drescher’s name”? Strange. People can start charities with the best of intentions, but these same people are sometimes awful at managing the money, and it can be spent wastefully without the proper oversight and expertise.

    • My guess is that providing people with prosthetic limbs is expensive, whereas organizing sporting activities is not. Also, if you donate in her name, she probably gets a tax write off.

      • Lifetime, exactly, but that’s the point of charity, getting things out to people in need who other wise could not afford them, like high tech prosthetics that insurance won’t pay for. So in other words PTs charity is useless . There are paralympics ,special Olympics so many sporting activities, sounds like one step took the easy cheap way out! And that show w jake was a one time thing, they’re not going to be giving out many limbs. But PTs got 3pairs $25,000 a pop……….ok

        • No one said that Jake’s running legs were donated. We assumed. One step ahead prosthetic isn’t the same as the charity.

          • Cyn, doesn’t that fool PT insinuate that the money she is trying to raise is for prosthetics, and that was the message in the show with poor little jake.?

            • All I know is that I looked up One Step Ahead I came up with one that was the charity and One that was for Prosthetics. Not one in the same. Wasn’t what was said is we have Jake’s running legs and you can bring them to him. Something like that anyway. The fundraiser was for one step ahead the charity. Who knows what was what.

            • Exactly. Aviva is the “spokesperson” for (the “charity” that is not registered, etc.), and the maker of the legs is (a regular for-profit commercial company). I don’t know which one came into existence first, but it’s really unfortunate that they have such similar names, because it confuses people (including me, when I watched the show). Perhaps I should have watched that episode more closely, but I think most viewers like me assumed that Aviva’s “charity” gave kids prosthetic limbs (please correct me if I’m wrong).

      • No, you can only write donations off your taxes if the “charity” is a 501(c)(3) (with rare exceptions). I know because 2 friends of mine have started charities and they had to file all kinds of paperwork with the government to get 501 status, so that people could (legally) deduct their donations from their taxes. Only the person making a donation to a qualified/501 charity can take the tax write-off, so if you donate in someone’s else’s name, like Aviva, Aviva cannot (legally) claim it on her taxes.

        • Shriner’s cares about charity AND the children who are missing legs! (And spinal cord injuries. And cleft palates. And burns injury. And their families. And safety and prevention. And…)

      • Prosthetics may be covered by insurance, but high tech sports prosthetics like running legs would likely be considered elective by most insurance companies and not be covered. It seems that One Step Ahead is working to fund the kinds of prosthetics not covered by insurance so kids with artificial legs can run as well as walk.

        • Apparently insurance covers prosthetics ONCE, after that your on your own! Plus children need legs, they need to run, walk, play, swim.

    • A nonprofit and a not-for-profit are for most purposes essentially the same thing. There is a subtle distinction but it has nothing to do with what you are talking about. To be very precise, not-for-profit refers to activities and can be used to describe all sorts of things. However a non-for-profit organization is a nonprofit. But just because an organization is nonprofit does not make it charitable. There are nonprofit trade associations, for example, that work to promote business and industry. There are nonprofit social clubs such as a local country club. It’s a nonprofit organization, but not a charity. Churches are nonprofits, many hospitals are nonprofits, even golf courses are nonprofits. As a term, both nonprofit and not-for-profit are meaningless in determining deductibility.

      However, if an organization calls itself a **charity**, it is likely to be tax deductible. The key point is what clause of the IRS Code 501c it falls under. Charitable organizations are called 501c3s and contributions to them are tax deductible, usually.

      If you have questions about the legitimacy of an organization, you can always check it out on Guidestar, where I very easily found One Step Ahead Foundation – and yes it is a 501c3.

      As you can see it was founded in 2012 and not by Aviva Drescher. However, the IRS has already ruled that it is a 501c3 – which is a charitable organization and donations will be tax deductible. It has not yet filed tax returns because it has not yet operated a full year. It seems Aviva is supporting it from the ground up.

      I don’t like Aviva, but I don’t want a charity maligned just because she’s an irrational wackadoo who represents it so very poorly.

      • I looked at Guidestar, but I didn’t see (unless I missed it) anywhere that the IRS “has already ruled that it is a 501c3.” All it says is that it is “registered with the IRS,” which is meaningless. Maybe by “registered” they mean that the organization has an EIN (employer identification number), which has nothing to do with charitable giving. Can you please point me to where it says they have been granted tax-exempt status? As far as the legitimacy of charities, I always use charity

  11. Regardless, the fact is PT the fool wanted us all to think that her hard work and her charity were responsible for those new legs, and that was what she was planning on accomplishing thru her last minute charity………I’m soo tired of this woman. Everything is always in question and never clear with this towel rag. Nothing, not Reid, not charity, not money, not love life, cuz all she does is lie.

    • Here is a direct quote from PT interview NYSOCIALDIARY .
      “For this reason, Aviva has made it a life-long mission to help other amputees who can’t afford a prosthesis. Within her leadership role at One Step Ahead [2], Aviva continually teaches her family the importance of giving back. ”
      So it was about the prosthesis, maybe not anymore, maybe just for the one show, that’s PT for ya.

  12. I have a question about PT and the counterfeit bags. When I think of that I think of the fast talking guys selling fake bags and handbags out of their trunk in a tourist heavy location. What exactly was PT doing? Was she selling bags to people who knew they were fake or was she selling bags claiming they were real when she knew otherwise? And was she doing it directly or did she have minions doing it for her. And where did this all occur?

    • She sold directly herself, and her customers knew they were fake, she sold from her home or in person. She got herself several degrees to provide women of NYC with counterfeit merchandise………now that’s a ” white trash” criminal for ya, I see what Reid saw in her now…….kindred spirits

      • Maybe that’s how Bethany ( sorry Ms SH) met Aviva. I read somewhere that B. used to buy fake handbags. Aviva was probably her “dealer”

        • Yeah BF used to sell them also, but separate from PT, BF carries fakes, as do all the HWs. BF used to also sell pashmina shawls. They know OF each other thru jake spitz, They aren’t friends PT and BF. difference is BF didn’t play miss hotly toity like PT, BF was scrappy all the way. And PT……..well PT……….self explanatory at this point.

          • Thanks Girlfriend. One more question… where did PT get the bags?That whole scene is absolutely hysterical to me. Seemingly wealthy women unwilling or unable to buy real high end bags assisted by an overeducated PT who got the bright idea to wheel and deal out of her apartment. Plus they were probably incredibly catty. I can easily imagine one of Aviva’s customers whispering to a friend , ” Oh look there is so and so, did you know all her bags are fake?”. Of course the whisperer would fail to mention her own faux bag. Stupid PT, maybe if she actually used one of her degrees she could have easily afforded all the designer bags she could ever want.

            • Kiki, don’t know where these ppl get them, perhaps an Asian wholesaler off canal st………sounds like you’re thinking about going into business for yourself , lol!
              Such a snob this PT , so much gall, while she herself is such an immoral lowly sleaze…..nothing tackier than knock offs, let alone SELLING them., just so offensive

            • Not to mention it is illegal. PT certainly knows better in that she holds a law degree, although she never sat the bar exam. Aviva and Reid appear to have much more in common than just shopping at BB&B.

  13. I believe that the Dreschers, like most of the people on the Housewives shows, are financially insolvent. All of these people are smoke and mirrors–lots of expensive cars and clothes, but no money in the bank. In debt, and leveraged up to their eyeballs; they actually own very little–the cars are leased or have loans against them, the homes are mortgaged to the hilt, etc. Will Aviva be the next one to declare bankruptcy? I wouldn’t be surprised. No old money or true socialites would ever be caught dead on these shows because they have nothing to prove and nothing to gain. People like Luann aspire to the higher echelons of society but she, just like the others, are just posers.

    • Yes, remember when we first met Teresa who was paying $8K per couch and throwing around cash like it grew on a tree in her backyard. And then when she filed for bankruptcy, her and Joe claimed something like owning about $50K worth of assets. They made it look like nothing they had was worth anything. They change with the wind. It is all smoke and mirrors and Aviva and her husband are frauds. I keep thinking now about that poor 84 year old man.. while Reid is spending the money he finegled out of the man on renting a humongous home in the Hamptons with a pool, etc. Just sickening.

      • That’s not such a great house by hamptons standards, however you betcha that that house was rented with old man GLatts $$$$$. Without it the house would be smaller, and uglier, as usual with the dreschers

        • GF, the Glatt situation is the only one we know about. There may be ( quite likely) other people that Reid and Co. have either settled with or have not yet taken legal action.

          If the allegations are true, Reid did things that are certainly not typical of an investment banker. I had to laugh at what Reid proposed. He was trying to do transactions ala the late 80’s and 90’s. Further, the professional fees he incurred, which I’m sure were for legal and accounting were far too much for a $4 million transaction.

          Old Georgie is an accountant, I wonder if Reid cut him in on the action and use his accounting services? I also wonder if Georgie didn’t structure the deal, as it done in the manner that was popular 10 plus years ago?

          • Yes I noticed the dated strategies. Oooooooh but never thought of old Georgie. That’s a thought as well as a sketchy record for Reid we know nothing about, which most certainly involves his xcon brother stephen

            • Even if Reid wasn’t the “master mind” of the deal’s structure, he sure as heck should have known you don’t take a commission for money that was raised by the principal. Also wondering if he got a “kick back” on those excessive legal and accounting fees.

              I never checked to see if Reid held any securities licenses. If he does, he will also be getting investigated by the SEC.

    • If they are insolvent then the civil lawsuit is just another drain on whatever is left of the 84
      year old Herbert Glatt’s assets, funny how the shyster lawyers always seem to make out ok.

    • When I saw the Dreschers’ supposed Miami condo with its meagre, inexpensive furnishings, the awkward attempt to fill blank wall space cheaply with huge, drugstore-quality family photos and the hastily-prepared, low-rent guest bedroom, I knew that the Dreschers were posers. We now know that the condo actually belongs to her father. I didn’t believe for one second that Aviva is worth $20M. Where would she have got that money from? Aviva did not receive that kind of money in her accident settlement; Aviva has never worked; Aviva would not have inherited a fortune from her mother who worked as a stewardess before marrying Aviva’s father; Aviva would have received no large (if any) divorce settlement from Harry Dubin as he appears to be unemployed, unable or unwilling to pay even child support, and Dubin seems quite like Sonja actually: No more money, just impressions, looking for a get-rich scheme, enjoying other people’s hospitality and lots of free champagne. If Aviva had even $5M why would she be selling counterfeit handbags out of her apartment? I am certainly curious to know if the Dreschers own that NYC apartment in which they live, if gross George owns that too or if they are renters. I suspect that Aviva’s appearance on the show is all about her salary and making impressions to garner business for Reid because imo the Dreschers need the money, and that makes her involvement with ANY charity cause for concern, especially as only last year did Aviva become involved with those “children who are missing legs” – thirty-plus years after she lost her own foot.

    • The Dreschers’ supposed Miami condo with its meagre, inexpensive furnishings along with the hasty attempt to fill blank wall space with awkward, blown-up, drugstore-quality family photos and the thrown together, low-rent guest bedroom, clearly indicated that the Dreschers were posers. Btw, who bought those crappy 300-count sheets that Aviva discovered in her own linen closet? Hmm. We subsequently found out that the condo actually belongs to gross George. I didn’t believe for one second that Aviva is worth $20M. Where would she have got that money from? Aviva did not receive that kind of money in her accident settlement ($1.2M gross); Aviva has never “worked”; Aviva would not have inherited a fortune from her mother who worked as a stewardess before marrying Aviva’s father; Aviva would have received no large (if any) divorce settlement from Harry Dubin as he appears to be unemployed, unable or unwilling to pay even child support, and Harry seems quite like Sonja actually: No (more?) money, just impressions, looking for a get-rich scheme, existing on other people’s hospitality and enjoying lots of parties and free champagne. If Aviva had even $5M why would she be selling counterfeit handbags out of her apartment? Lots of smoke and mirrors with this couple: Amputee since 1976………….. “joined” amputee charity in 2011, billed as an amputee in reality show 2012. Hmm. I am certainly curious to know if the Dreschers own the NYC apartment they live in or if it belongs to gross George – or if they are renters. I suspect that the Dreschers need the money and Aviva’s appearance on the show is all about her salary and other money-making opportunities.

    • What’s scary, at least to me, is that he looks like a normal, law abiding person. Never in a million years would I think that this man was a criminal who preys on the weak. I read the lawsuit and all the documents, and it’s really bad. Amazing how these crooks have no problem going on TV knowing that their activities will probably be exposed.

      I have noticed too that Aviva in her latest interviews is now attacking Sonja more than Ramona. In one interview Aviva lamented that Ramona was “not afraid” of her. She considers Sonja weaker and thus an easier target.

      That’s how she and her husband roll–prey on the weak and on those they consider inferior. I hope Paper Towel does not scam those kids who need prosthetic legs!

      • wow!…she and her scammer hubs are quickly reaching the status of that person no longer mentioned on SH!! aviva and reid have no shame which is a clear indication of a sociopath….this makes her idea of a red carpet, marching band, and kegger upon her arrival even more ludicrous…..two more useless humans show up on the reality circuit…. no surprise there!

  14. Wow. Really surprised by this information. They are the last (OK not last) people I would think to be involved in this behavior/lifestyle. I posted this link on Vulture…not sure if this is PC or not…

  15. Aviva, the world does not revolve around you. You are not the center of everybodies universe. You act and talk like you are better than everybody else. You are self absorbed, arrogant, and talk down to people. Yes, you do have an education, and you use big words, but in reality you are the one who is “low class”. Having an education does not give you the right to verbally abuse people when you think they have hurt your feelings. And you can’t let it go. You go on and on and on. Get over yourself. Everyone is soooo over you. I hope you never come back for the next season of RHONY.

Comments are closed.