Entrepreneur Indicted After $590 Investment K. Allegedly Produces No Website, Just Tribeca Loft and $26 K. in Groceries

Andrew Albert, 49, convinced at least three investors to give him about $590,000 for a luxury shopping site, according to Manhattan District Attorney Cyrus R. Vance, Jr., who announced an indictment on on charges of Grand Larceny in the Second Degree, Scheme to Defraud in the First Degree, and Criminal Tax Fraud in the Third Degree. “Andrew Albert falsely told investors that his shopping website would feature a virtual street akin to famous retail boulevards like Madison Avenue or Rodeo Drive,” Mr. Vance said in a statement. “In reality, the company he created served as nothing more than a bank account that the defendant used to pay for his personal expenses and lavish lifestyle.”

On1ave.com, the website Mr. Albert and his partner at the time, Prada PR vice pres Melissa Skoog, were allegedly building and which The New York Observer reported on in 2008, appears to be long-stale. A simple HTML page says “Welcome to a new & exciting way to shop, socialize and live. On1Ave, A Brand New World. Opening Summer 2009.” Read More