Huntington-based real estate developer Gregory DeRosa was arrested on Sunday, March 23 on charges of check fraud after purposely bouncing a check written from an account with insufficient funds to cover it, according to the Suffolk County Police Department and reporting by Long Island Business News.
Greg DeRosa, founder of G2D Development Group, reportedly wrote the offending check in June 2024; he is already the subject of several lawsuits filed by business associates and lenders alleging that that he defaulted on payments relating to several multifamily projects that G2D was involved in.
Sunday’s arrest may not be the end of his legal woes, as according to several business associates of his, the FBI has been questioning them about DeRosa.
DeRosa, whose company once enjoyed a large degree of success, has over the course of the past year found his reputation sullied due to a series of accusations of fraud and stoppage of work on several projects, in addition to G2D investor John Paci claiming that the developer and his wife “spent millions of dollars loaned to and invested with G2D Development Corp. on personal residences, luxury goods, vehicles, yachts, and other self-serving investments.”
Overall, the investors and lenders who are currently suing G2D say that they have lost millions of dollars due to DeRosa’s purportedly fraudulent business dealings.
DeRosa will be arraigned at 9 a.m. Friday, April 11 in Suffolk 1st District Court in Central Islip.
