‘Wolf of Airbnb’ Pleads Guilty to $2 Million Fraud Scheme
Konrad Bicher, who dubbed himself the “Wolf of Airbnb,” has pleaded guilty to wire fraud charges in Manhattan federal court, admitting to illegally gaining approximately $2 million by defrauding landlords and exploiting a government pandemic program.
The plea agreement entails a prison sentence of around four to five years, without the option to appeal. The wire fraud charge initially carried a potential prison sentence of 20 years.
Bicher, 31, hailing from Hialeah, Florida, has also agreed to forfeit $1.7 million and make restitution of $1.9 million. Although a sentencing date has not been set yet, Bicher’s guilty plea ensures he will be held accountable for his actions.
U.S. Attorney Damian Williams emphasized that Bicher took advantage of government programs and tenant protections established to assist those in crisis during the COVID-19 pandemic.
“Bicher lined his own pockets by abusing government programs and tenant protections intended to benefit those in crisis during the COVID-19 pandemic,” Williams said in a statement.
The indictment against Bicher revealed that he operated at least 18 apartments in Manhattan, essentially running them as unauthorized hotels while using the pandemic as an excuse to evade rent payments. Bicher’s moniker, the “Wolf of Airbnb,” seems to be a play on the memoir “The Wolf of Wall Street” by Jordan Belfort, a former stockbroker notorious for financial crimes.
According to court papers, Bicher began his fraudulent activities in February 2019 by renting apartments in Manhattan and subletting them on a short-term basis, despite lease agreements expressly forbidding such practices. He failed to fulfill rent obligations and refused to vacate the premises even after leases expired. Bicher and his associates evaded over $1 million in lease payments from July 2019 to April 2022 while earning at least $1.17 million from their own short-term rentals.
Additionally, from April 2021 to July 2021, Bicher obtained over half a million dollars in government-guaranteed loans through fraudulent means. He submitted false information and forged documents to secure loans intended for small businesses during the COVID-19 pandemic.
Following his guilty plea, Bicher expressed that he has a “fantastic story” to tell, indicating that more details may emerge in the future.
“My story will come out, just not today,” he teased.
Information for this story was found via the DOJ, New York Post, and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
Won’t somebody PLEASE think of the LANDLORDS!?