In these times, double down — on your skills, on your knowledge, on you. Join us Aug. 8-10 at Inman Connect Las Vegas to lean into the shift and learn from the best. Get your ticket now for the best price.
A man who made over $1 million by abusing renter protections put in place during the COVID-19 pandemic faces up to 20 years in prison after pleading guilty to the scheme on Monday.
Konrad Bicher, a 31-year-old from Florida who called himself the Wolf of Airbnb, was also accused of fraudulently collecting over $500,000 in COVID-aid loans, according to the U.S. Attorney’s Office for the Southern District of New York.
“Bicher proudly referred to himself as the ‘Wolf of Airbnb,’” U.S. Attorney Damian Williams said in a statement. “As he admitted in court today, his businesses were premised on fraud.”
According to Williams, Bicher and his business partners often refused to vacate the units they were renting of which they also didn’t make payments.
Meanwhile, he pulled in $1.2 million by subletting the units on a short-term basis. The statement specifically mentions Airbnb and one other unidentified short-term rental platform.
Under the terms of the leases for the apartments he rented in New York City, Bicher agreed to make monthly payments and not rent his residences out to third parties.
Several landlords initiated civil proceedings in attempts to collect payment from Bicher and to stop him from listing his apartments on Airbnb, the statement reads.
“Bicher relied on legal protections intended to benefit tenants, including tenant protections adopted in connection with the COVID-19 pandemic, in order to oppose the lawsuits,” according to the statement. “Despite relying on tenant protections for New Yorkers in need, Bicher continued to generate revenue by renting units on a short-term basis.”
The short-term rental scam lasted from July 2019 to April 2022, when he amassed at least $1 million in late payments to landlords, according to Williams.
Meanwhile, between April 2021 and July 2021, Bicher obtained loans through the Paycheck Protection Program (PPP) that were issued as a way to protect employees during the onset of the pandemic.
Williams said Bicher submitted at least four applications for PPP loans on behalf of at least three businesses to obtain over $565,000.
“These PPP applications contained fraudulent documents and false information,” the statement reads.
The documents included falsified documents Bicher claimed were filed with the IRS.
Bicher faces up to 20 years in prison. He agreed to forfeit $1.7 million and make restitution to victims for just under $2 million.
Get Inman’s Property Portfolio Newsletter delivered right to your inbox. A weekly roundup of news that real estate investors need to stay on top, delivered every Tuesday. Click here to subscribe.
