ALBANY -- Aaron R. Dare, former Urban League president, pleaded guilty Monday to a felony charge related to a real estate scheme that is expected to land him in state prison for up to three years.
Jury selection in the case was scheduled to begin when Dare accepted the plea deal. It leaves open the prospect Dare could face additional charges -- and prison time -- for alleged real estate crimes still being investigated by State Police and the Albany County district attorney's office.
But the federal deal could be jeopardized because Dare has admitted committing a felony while free on bond in the federal case. He faces a maximum of 27 years in prison for the federal conviction on three felonies, including mail fraud.
Dare was once a rising star in Albany but his reputation was tarnished amid repeated financial failures and criminal investigations of corrupt deals that have left a wave of financial destruction across the city.
The deals resulted in dozens of foreclosures and several victims said they were duped by Dare and his former business partner, Albany police Detective Kenneth Wilcox, who died in a car crash in April 2006.
Monday's plea involved the sale of a single property in the South End last year. Dare admitted filing a fake property deed that concealed his role in the $150,000 sale. The woman who bought the home is facing foreclosure and may not even own the property, prosecutors said.
The corrupt deal is similar to Dare's federal crimes, including 31 instances of mortgage fraud. Those deals involved Wilcox, who also was a target in the FBI investigation.
Dare, dressed in a suit jacket, spoke little during Monday's proceeding before acting State Supreme Court Justice Dan Lamont.
"Are you guilty of offering a false instrument for filing?" Lamont asked.
"Yes, sir," Dare responded, showing no emotion.
Lamont allowed Dare to remain free on $25,000 bail pending sentencing in June. Dare also is free on bond in his federal case but is restricted to home confinement and must wear an electronic monitoring bracelet.
Federal prosecutors have declined to identify the 31 properties -- most in Albany -- that Dare and Wilcox allegedly used to commit mortgage fraud. By not including that information in the plea agreement, it's unclear whether some people may have been victimized and don't know it.
In the State Police case, an unidentified source who once worked for Dare told investigators "Dare has defrauded mortgage companies of several hundred thousand dollars" and "would take two and sometimes three mortgages on the property without telling the owner of the house," according to an affidavit contained in court records.
In articles published last year, the Times Union outlined similar findings following a months-long examination of property deals that were set up by Dare and Wilcox.
The newspaper uncovered instances in which Dare and Wilcox allegedly sold houses they didn't own, filed forged deeds, used appraisers who placed arguably inflated values on properties and duped an untold number of people into believing they were buying refurbished rental properties that could turn a profit.
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