It was a reel-y big scam.
The former owner of the Brooklyn Heights Cinema pleaded guilty this morning to bilking investors out of more than $500,000 through bogus development plans that included putting condos on the site of the beloved twin-screen movie theater.
Norman Adie, 65, sheepishly admitted using his victims’ money “for projects they had not invested in, as well as my own personal expenses.”
Adie said his scheme — which dated back to 2007 — included pocketing a $10,000 investment and $100,000 that was “part of a loan” that involved an ownership share in his Heights Cinema development company.
“My intention, however, was to build a successful business — as I had in the past — with the expectation that myself and all the investors would profit in the end,” he said in a Scottish brogue.
“I’m very sorry.”
Adie, who’s also run movie theaters in upstate New York and Pennsylvania, faces up to 80 years in the slammer when he’s sentenced April 13 in Manhattan federal court.
But a source said his guilty plea to two counts each of securities fraud and wire fraud will likely limit his time behind bars to between 27 and 33 months.
Adie declined comment after leaving court, as did a burned investor who watched the proceeding.
The cinema’s general manager, Amy Mascena, said workers there “wish Norman Adie the best.”
“He owned the Brooklyn Heights Cinema for 10 years, saved it from going out of business then and had great plans for it,” she said.
Mascena also noted that Adie “made sure his employees were secure” before selling the place to new owner Kenn Lowy, who provided “an infusion of new ideas and capital.”
“We are looking forward to providing more great independent, foreign and documentary titles along with the best Hollywood has to offer,” she added.