Feds charge Cincinnati real estate investment group after $50M bank fraud scheme

CINCINNATI (WXIX) -A federal grand jury indicted two Israeli real estate investment entrepreneurs, their company, and two other co-conspirators accused of double-pledging properties in a more than $50 million bank fraud scheme, court records show.

Federal prosecutors say they got multiple loans and concealed information from lenders and investors.

Those charged include the business Vision & Beyond Group LLC (V&B), its co-owners Stanislav Grinberg and Peter Gizunterman, and two real estate closing and title company employees, Keya Hamilton and Kelly West.

A federal grand jury indicted them for conspiring to commit bank fraud, making false statements and money laundering.

Grinberg, 37, was originally charged by criminal complaint in March 2025.

According to the indictment, Grinberg and Gizunterman formed the real estate business V&B around 2019 to buy 100 multi-unit apartments and family properties for renovation and rental income. Some are from the Greater Cincinnati area.

Grinberg and Gizunterman, with the help of Hamilton and West, are accused of getting refinancing for the properties – but didn’t use the money to pay off the loans and mortgages, court records allege.

They falsified financial documents, altered closing documents and removed mortgages from title commitments, federal prosecutors say.

For example, in December 2022, the indictment details that Grinberg and Gizunterman received two loans totaling more than $36 million for about 60 multi-family properties they owned in the Cincinnati area.

The closing of the two loans was supposed to pay off 30 specific prior mortgages.

Twenty of the prior mortgages worth $17.2 million were not paid off at closing, court records allege.

Instead, more than $273,000 was paid directly to Hamilton; nearly $7 million was paid to a title company controlled by Hamilton and used by V&B, federal court filings show.

More than $6.2 million was paid directly to V&B’s account and some $2.7 million was paid to another bank, according to prosecutors.

The suspects are also accused of a similar scheme with four apartment complexes in Lexington, Kentucky, involving loans totaling $24.6 million.

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