Condo manager indicted for fraud Over $100,000 reportedly taken

November 07, 1992|By Darren M. Allen | Darren M. Allen,Staff Writer

A Carroll County accountant accused of bilking four condominium associations out of more than $100,000 has been indicted by a county grand jury on a single charge of felony theft.

Otis K. Comstock of Hampstead had managed the affairs for the condominium associations for at least two years and had been under investigation by the state's attorney's office since July. He faces trial Nov. 19, according to State's Attorney Thomas E. Hickman.

Mr. Hickman declined to say if Mr. Comstock has entered into a plea agreement. Most cases in Carroll Circuit Court require four to five months to reach trial and the quick scheduling of a trial date often points to a deal. Mr. Comstock has cooperated with authorities since July 24, when his Hampstead businesses -- CFS Inc., Meko Realty and Comstock Financial Services -- were raided.

Investigators from the Maryland State Police and Mr. Hickman's office seized filing cabinets filled with financial information as well as 30 bank accounts under Mr. Comstock's control at Union National Bank and an undisclosed county bank.

Mr. Comstock is accused of "stealing funds entrusted to him in his capacity as property manager." Mr. Comstock was responsible for, among other things, collecting monthly condominium association dues, providing financial statements and preparing tax returns.

Mr. Hickman told a meeting of about 100 homeowners in July that his office would attempt to return as much money as possible to the associations.

He said then that he was going to pursue the seizure of Mr. Comstock's assets, which include real estate, cars and bank accounts. The accountant's Carroll County property holdings have a market value of at least $600,000, according to state Department of Assessments and Taxation records.

Mr. Comstock's attorney, Wesley D. Blakeslee, declined to comment yesterday.

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