Man swindled into investing thousands for condos he never owned

Print
Email
|

by Chris Nagus / News 4

KMOV.com

Posted on November 14, 2013 at 11:51 PM

Updated Friday, Nov 15 at 12:00 AM

 (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. 

Print
Email
|