Thursday, November 03, 2016

Property Manager Gets Seven Years For Ripping Off Over $500K In Rents & Security Deposits Collected/Held On Behalf Of 100 Landlords, Tenants

In Mount Holly, New Jersey, the Burlington County Times reports:
  • A Palmyra man who worked as a property manager for a Moorestown real estate company was sentenced [] to seven years in prison for stealing money he collected on behalf of his employer from more than 100 victims.

    Randal S. Maher, 42, formerly of Cherry Hill, will have to pay $500,000 in restitution under the sentence handed down by Superior Court Judge Christopher Garrenger at the Burlington County Courthouse in Mount Holly.

    Maher pleaded guilty in May to charges of second-degree theft by deception and third-degree failure to pay taxes. As part of the plea deal, Garrenger sentenced him to seven years on the theft charge and three years for failure to pay taxes. Both will be served at the same time.
    ***
    Maher was employed as an independent contractor by Re/Max Main Street Realty and oversaw an extensive portfolio of residential property rentals, authorities have said. He was responsible for executing rental agreements, collecting payments from tenants, and overseeing repairs and maintenance to the properties.

    He admitted in court to stealing the money between 2012 and 2015, diverting funds for his own use, authorities said.
    ***
    Some of the victims have already been reimbursed by insurance, according to comments made in court. Both sides agreed on the $500,000 restitution, if Maher has the ability to pay it.

    An investigation identified 101 properties in Burlington, Camden and Gloucester counties managed by Maher in which landlords were owed money or renters were owed their security deposits or other related funds, authorities have said. Many victims live out of state or are in the military, McDonnell said in court.

    Maher’s employer reported the matter to authorities after receiving numerous complaints from property owners and landlords alleging that money was not being received in accordance with property management agreements.

    Maher had created a company known as S.J. Property Management and would instruct tenants of the properties he managed to pay rent checks and security deposits directly to his company or to himself, authorities said.

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