Westchester Torah Academy – Case Number 68936/2016
According to court papers, WTA owed Nordlicht over $3 million and was trying to get a bank loan to pay him off. Financing for WTA has been denied; Nordlict is calling the Loans; and the children who attend that school are collateral damage.
Putting together the pieces of a puzzle of circuitous loans, investments, promissory notes, tax deductions, it looks like Mark Nordlicht (of Platinum fame) needed to reclaim the money he “donated,” “loaned,” to WTA presumably to pay his lawyers. WTA, now in a precarious financial position, had to withdraw the petition once Nordlicht was arrested.
Apparently desperate for cash, and despite what appears to be a schematic for fraud and theft from unwitting investors which included friends and people who trusted him, Mark Nordlicht now appears to be forcing Westchester Torah Academy to take on millions of dollars in debt in order to repay him for a “loan” he made to the school to acquire a new property. The “loans” looked conveniently like “donations” before Mr. Nordlicht got himself into financial hot water.
Keep in mind of course, nobody has any idea where he obtained the money that was “loaned,” “donated,” whatever to WTA. Platinum Partners, perhaps? In court papers filed in late December 2016 , WTA filed a petition (see above links) to take out a mortgage on property that would have resulted in Nordlicht receiving proceeds of over $1 million on account of a promissory note he entered into with the school.
It appears that without creating yet another venture (Ponzi Scheme), Nordlicht has turned his attention to a day school. One can only wonder why the school would go along with this calamity of an arrangement, particularly given that Nordlicht was the primary source of funding (loans, donations – who knows what) of the school and it is unclear how the school will continue to function without his “donations” somehow called loans, somehow generating promissory notes – doesn’t add up.
Not surprisingly, once Nordlicht was arrested the NY Attorney General opposed the school’s application to obtain the mortgage. If WTA cannot operate in a responsible manner (and who knows what else the school “owes” to Nordlicht) it is good that at least someone is paying attention.
We are hoping the new Attorney General will next investigate the school and how it was funded. Our guess, this is yet another piece of the Platinum Partners pattern of pilfering.