Lucas

Yesterday, one of the architects of the scheme was in federal court to plead guilty to money laundering involving the fraudulent sale of run-down residential properties that were illegally rented to low-income families on federal assistance -- netting between $1 million to $2.5 million.

Michael Eliasof, 63, of Mahwah, once a top-producing real estate agent for Re/Max Property Center in Paramus, admitted orchestrating the sales of the houses in Paterson using phony paperwork in no-money-down subprime deals that quickly collapsed, leaving lenders holding worthless loans.

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