Konrad Bicher, the self-proclaimed “Wolf of Airbnb” pleads guilty to wire fraud. The 31-year-old Bicher was illegally subletting multiple Manhattan properties and turning them into “mini-hotels”. He carried out his rental scheme using short-term rental platforms including Airbnb.
According to the prosecutors, “The Wolf of Airbnb” started his fraudulent scheme in February 2019. Bicher would rent apartments in Manhattan before renting them to third parties on a short-term basis, despite clauses in his lease agreements preventing him from doing so.
He also failed to pay the monthly rent and refused to vacate the premises of the apartments after the leases expired. From July 2019 to April 2022, he failed to pay more than $1 million in rent even if he made at least $1.7 million via his short-term rentals.
Government-Guaranteed Loans
It didn’t stop there. In spring 2021, Bicher submitted at least four applications for federal Payment Protection Program business loans. To make things believable, he used false tax information and lied on his applications. From April 2021 to July 2021, Bicher received $565,000 in government-guaranteed loans.
US Attorney Damian William said that “Bitcher lined his own pockets by abusing government programs and tenant protection intended to benefit those in crisis during the COVID-19 pandemic.”
When Bicher was formally charged in October, the so-called “Wolf of Airbnb” ran 18 Manhattan apartments “as mini-hotels”. He also used the pandemic as an excuse to not pay his landlords.
Hungry and Ruthless to Get to the Top
According to a news release, he called himself the “Wolf of Airbnb” because he was “hungry and ruthless enough to get on top of the financial ladder.”
By pleading guilty, he agreed not to appeal the prison sentence. This could mean four to five years in prison, but normally, a wire fraud charge carries a maximum of 20 years in prison.
He received a fine of $150,000 and agreed to pay $1.7 million in forfeitures, plus another $1.98 million that goes to his victims.
