The steep drop in copper prices observed in February came after China announced steps to curb the rapid rise in real estate prices by making it tougher to purchase homes.
As prices began to fall away in the housing market, fear of missing out on a bonanza was replaced by fear that whatever you paid today, your illiquid real estatepurchase would be worth less in six months or a year.
Kovachev allegedly posed as an executive of a New York real estate developer as Dreier tried to convince investors to purchase fake notes purportedly issued by that developer, prosecutors say.