Property Manager Charged with Embezzling $1M from New Jersey Landlord

[James Wise]

Real estate fraud schemes are all to prevalent in the property management industry. It appears that one New Jersey rental property owner found out just how prominent real estate scammers are the hard way. In the 19th episode of The Landlords From Hell Show, professional landlord James Wise is talking about the recent $1 million dollar embezzlement allegations against New Jersey property manager Nicolas DePaola. New Jersey landlord and property manager Nicolas DePaola has been indicted of 12 crimes related to his duties as the property manager of a New Jersey apartment complex. According to the Mercer County Prosecutor's Office the crimes range from first-degree financial facilitation of criminal activity and multiple counts of theft to failing to pay income taxes and filing a fraudulent tax return. In total Nicolas DePaola has been accused of embezzling approximately $1,149,784 from the New Jersey investor who owns the apartment building. During the show James Wise discusses how to protect your real estate assets from a bad property manager who is more interested than stealing your money than performing the property manager duties that come along with being a 3rd party property manager. There are several simple steps real estate owners can take to ensure their property management companies are properly handling the property management duties and responsibilities in a legal and ethical way. As real estate owners who have hired property managers to handle the day to day responsibilities of their investment property it's easy to put things on auto pilot. Unfortunately managing the property manager is a must to reduce the risk of being involved with a real estate fraud such as the fraud Nicolas DePaola is accused of commuting at the New Jersey apartment building that he was managing. Tune in to HoltonWiseTV for learn ow to manager your property manager and receive more property management tips. HoltonWiseTV is property management 101.

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Property Manager Charged with Embezzling $1M from New Jersey Landlord | Landlords From Hell 19