Stealing rental property funds
Police in North Myrtle Beach arrested forty-year-old Walter Pigg this week, after it was discovered he was embezzling thousands of dollars from his rental property clients over the past year. Pigg was charged with six counts of breach of trust with fraudulent intent for his actions. With the money he stole, Pigg traveled to two different casinos to gamble.
Pigg is the owner of Keye Beach Rentals in the North Myrtle Beach area. Over the past year, he withheld almost $25,000 (£19,747.42) in rent money from six property owners. With his business, Pigg would collect rent from tenants and then pay the condo owners on a monthly basis. However, as of late, owners were not being paid. Property owners reported various delays in payment, with some claiming they had not received any money since November. According to police,
Pigg deposited a check from one renter of over $2,000 (£1,583.56) into his personal bank account. He then traveled to Harrah’s Casino in Cherokee and The Big “M” Casino in Little River to gamble with the funds.
Pigg is reportedly being considered a suspect in several cases where he was involved in unpaid proceeds from rental properties. Several agencies, including the S.C. Law Enforcement Division, are investigating his actions.
Just last month, Pigg was arrested for allegedly stealing more than $17,000 (£13,462.25) from a Homeowners Association, which sum was also used to gamble. Police stated that Pigg took the money via debit purchases and ATMs without the approval of the organization. He spent the money at the same two casinos he visited to gamble the rental property money.
Police began an investigation into Pigg after they received dozens of complaints from clients of Keye Beach Rentals. Pigg was accused of misconduct and unethical business practices.
Unethical business practices
Earlier this year, Pigg closed the rental property agency when the S.C. Real Estate Commission decided to suspend his property manager’s license. Soon after, Pigg decided to surrender his business license. Following this, Pigg reportedly continued to show the rentals and make reservations via the Keye Beach Rentals website. This was after property owners took their business to another agency and had the locks to their properties changed.
As part of his unethical business practices, Pigg double-booked units and charged higher rates to renters without informing the condo owners. Additionally, he did not clean the units despite charging the property owners a cleaning fee.
Travelers also reported issues with Pigg. Individuals renting via Keye Beach Rentals would arrive at their destination, only to find they had nowhere to stay after having paid for their trip in full. Travelers also noticed their credit cards were charged after a reservation was canceled or a unit was overbooked.