Brooklyn, NY – Troubled landlord Menachem Stark took out almost $3.6 million from his business to pay personal debts before his January death according to recent financial records.
Subscribe to our Daily Roundup Email
NY Daily News (http://nydn.us/1l6WtsV) reports the 39-year-old was in extreme debt when he disappeared in January. Financial records show that he used cashier’s checks to withdraw money from South Side Associates.
South Side borrowed the money from a bank to keep a Stark-owned Williamsburg property open during a bankruptcy proceeding.
South Side trustee Jonathan Flaxer said cashier’s checks obtained by Stark were marked “customer withdrawal.” Five customer withdrawals were taken out from the account – totaling $267,101.07 –during the month before Stark went missing and was murdered.
Over $1 million was withdrawn the month before that.
A total of $3.6 million was withdrawn between June of 2011 and December of 2013. Court filings say the missing money was not discovered until after Stark’s death because bank statements were tampered with to hide the withdrawals.
Flaxer’s court filing states he has received some of the cash back. He has requested a subpoena so he can review Stark’s emails and try to find out where some of the missing money went. A hearing is scheduled for Thursday.
Stark was abducted in Williamsburg on Jan. 2. His body was found on Long Island the next day. No arrests have been made so far, but police are focusing on a contractor whom Stark owed $20,000.
When will arrests be made? And whose money really was that $3.6 mm? Borrowed from others, loans, contract work paid for but not delivered? Gevalt…
If it’s his own business why can’t he use money to pay off debt ?
First off, how about an apology to the N Y Post?
Why apologize to the NY Post? Their characterization, especially the week of kevurah, was arrogant and scandalous. I wouldn’t put that paper at the bottom of a bird cage.
There is something about this story that stinks to high heaven. How is it that they found the car, they found his shady-style business and yet there is no arrest? How is it that a week before Mr. Bruer was murdered in Queens ( and its known that he was collecting rent money for multiple landlords Including Mr. Stark) and yet not a word of concern about his death, not a penny of reward money, not any posters by the NYPD.
Are we really that gullible that they can tell us any story and we just go with the flow? Are we really that naive and just forgot about it already? Is Nuchem rosenberg that way off base when he speculates that maybe just maybe there was some “Inside” work done?
Rabosai, it does not add up and we are quiet! What would it take to get the community involved ( Without our politicians, liaisons and klapers) to demand that we want to know why no arrests, why no noise and so on.
I would not trust any of OUR local elected officials (some not elected but self-appointed) and would not take them at their word at any cost.
This mans death will go in vane and no one will speak up for justice! Sad that we have become like sheep to a slaughter house and we are ok with it
The building (business) was in bankruptcy and he was allowed to use the money ONLY for the benefit of the building which he didn’t own anymore. When he took the money for other purposes he was stealing. This is further made obvious by the fact that the bank statements were “tampered with to conceal the diversion [of the money.” He himself knew he was stealing but people here aren’t sure. Amazing.
Show all the world that he was a no goodnick then, who cares that he was killed, all’s well that ends well,the NYPD can go back to Dunkin Doughnuts and nobody’s the wiser…. I don’t care what they paint him to be, nobody deserves to die the way he Mr. Stark did, even if all the allegations are true, still nobody had the right to be Judge, Jury and Executioner..
To my knowledge, Mr Stark was not found guilty of any big stuff like this fraud. Since he can not be charged now they can only try to shmutz his name for headlines, that’s all.
The fact that all this can come out but they can’t arrest the murderers, that is the big scandal.
The real victims here are his children…When you are a father, your number one priority must be your children’s welfare.
Being a father does not entitle you to steal lie and do other immoral acts.
Most men do the right thing by working honestly for their families.
They toil from early morning to late in the evening, while assigning time to daven and even learn. My late father was one of those men.
The problem lies in the fact that most young men today leaving the Yeshiva upon marrying do not have the skills to pay the bills. They are not trained in a skill or a profession and the result is that some of them go into illegal activity.
The young men must be taught skills either in the trades or in the professions. It is the height of irresponsibility of not educating our young men in a skill or profession so that they may be able to work honestly for their families.
Everything on this case is like snails pace…trickling in slowly slowly…can’t help wonder why.
There can not be ‘stealing’ from your own business. If he was a signer on the account, then it is not theft. He could book it as salary. He could book it as income. He could book it as a loan to officer. If not repaid then he would have to pay income taxes.
Even if he borrowed the money from a bank by using a piece of HIS real estate as collateral; he can still use the money as he wished. SMART NO, LEGAL YES. The lending bank is secured. Also; is not his “personal debt” all business debt? He was not a gambler. All his “personal debts” were business related. He does not have to give an explanation what he does with his money; only to the IRS. PERIOD.