Two Charged In Alleged Rent Skimming Scam; Suspects Took Control Of Property From Desperate Owners & Pocketed Rent While Letting Bills Pile Up

In St. Louis, Missouri, the St. Louis Post Dispatch reports:

• Two men who officials said posed as wealthy real estate investors have been charged with 25 counts of stealing or other felonies. St. Louis prosecutors said that Brian Stoker, 25, and Malcolm Aldrich, 54, stole property and rent money from investors who were looking to sell troubled real estate. Stoker was arrested last week and has posted bond. Aldrich remained at large.

• Beginning in February 2007, Brian Stoker Enterprises agreed to buy rental properties from desperate owners but then never followed through on the sales contracts, according to court documents. Meanwhile, Stoker and Aldrich took control of properties, the charges say, collected rent from tenants but never paid utility or mortgage bills. At least three owners sued Stoker to regain control of their buildings. In some cases, they said rental units were uninhabitable by the time they got the keys back. One, Dr. Abid Nisar, said he lost nearly $200,000. He has had to pay overdue bills and repair damage he blamed on Stoker. "I hope that he is put behind bars and he cannot harm anyone else," Nisar said.

For the story, see St. Louis prosecutors charge two with preying on real estate owners.