Man charged for allegedly ripping off people into investing into - KMOV.com

Man charged for allegedly ripping off people into investing into condos

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(KMOV.com) - News 4 has learned the man allegedly behind a real estate scam that has ripped off 10 people, including one in St. Louis, is now facing criminal charges.

 

See original story below:

 

(KMOV) -- James Strathman of St. Louis County got a phone call then got a really nice brochure, advertising a concept known as fractional real estate, as in a bunch of people pool their money and own a fraction of a really nice property. So he sent his money to travel world vacations.

He invested over $100,000 of the money he inherited from his parents. After receiving several different deeds of trust, he thought he owned a fraction of the three condos near Sarasota, Florida.

When things started looking fishy, Strathman called News 4’s Chris Nagus to investigate. He traveled to Sarasota to find the property pictured in the brochure and discovered a lot more.

Click the video player to see his report. 

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