PHILADELPHIA−Joseph N. Reilly, a formerly prominent property manager in the city, admitted in federal court last week that he skimmed hundreds of thousands of dollars in rent money from his landlord clients.
Prosecutors said they believe he stole more than $1 million from more than 50 landlords through his business, Reilly Real Estate, before being discovered, according to a report in Philly.com.
Five years ago, one property owner had insisted that Reilly sign over the deed for his own company headquarters on South Street since Reilly had run up a debt with the client. Reilly continued to operate his firm from the headquarters after it changed hands, paying rent to the client who now held the deed until late 2010, when Reilly stopped all payments.
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