News 4 Investigates: Daily Briefing

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The Con Man

KMOV.com

Posted on March 6, 2008 at 4:46 PM

Updated Wednesday, Nov 4 at 3:06 PM

I've been getting alot of calls today about Malcolm Aldrich.

You've probably never heard of Aldrich, but he's a legendary St. Louis Con Man who has been repeatedly convicted of theft and been to jail or prison at least five times.

Aldrich has used more than 20 alias' and often manages the apartment buildings purchased with someone else's money. You'll never find Aldrich's name on a deed, but he's the guy running the operation.

Aldrich often left a long trail of angry investors and contractors who claim he failed to pay all of his bills, while Aldrich lived in million dollar homes and took nice vacations.

I stumbled into one of Aldrich's real estate operations seven years ago. It turned out he controlled dozens of buildings, mostly in south St. Louis. His partners were listed as the owners, but Aldrich ran the operation.

Many of his apartments were condemned for occupancy, but Aldrich's partners rented them anyway. One of his partners was David Steinmeyer, a convicted double murderer.

At the time, Aldrich and Steinmeyer were on parole. They had repeatedly violated their parole, but the Parole Board refused to issue a warrant for their arrest. Finally, after we ran stories for weeks, the Parole Board decided to have them arrested.

It was too late. Aldrich and Steinmeyer were gone.

They laid low for a short time, but eventually started buying apartments and hotels in four states. Memphis was their base of operation.

They claimed to be former pro athletes. Steinmeyer pretended to be an ex-boxer. Aldrich was the former NFL player with a Harvard MBA.

It was a profitable scam until investor George Pence discovered they were fugitives and turned them in to police.

Aldrich and Steinmeyer went back to prison.

And, that was supposed to be the end of this story.

Aldrich was paroled in 2005, but in the fall of 2006 he decided he would prefer to not report to a parole officer. The Parole Board issued a warrant for his arrest, but never found him. Since Aldrich was never convicted of a violent crime, the Parole Board considered him a low-risk offender.

I decided to update our investigation of Malcolm Aldrich. Guess what we learned after the promo about our story went on the air?

It seems Aldrich is in St. Louis.

This time he's using a new alias and a new front man, once again concentrating his business in south St. Louis.

Pat Kiernan, the former head of the White Collar Crime Unit for the St. Louis Circuit Attorney's office, told me that Aldrich is the kind of career criminal who "doesn't belong on the streets."

But he's out there anyway. A fugitive conducting business out in the open.

Again.

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