Accountant who bilked condo associations heads back to court @

February 18, 1994|By Darren M. Allen | Darren M. Allen,Sun Staff Writer

Otis K. Comstock, a Hampstead accountant who bilked four condominium associations out of nearly $100,000, will be back in court Wednesday to face accusations of failing to pay his victims any of the proceeds from the sale of all his property.

State's Attorney Thomas E. Hickman said yesterday that Mr. Comstock's probation agent has filed a violation of probation complaint that says Mr. Comstock has not paid any money to the condo associations since he pleaded guilty to one count of felony theft in November 1992.

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

Carroll Circuit Court records show that Mr. Comstock's estate -- once valued at more than $600,000 -- was liquidated by the end of 1993.

Comstock, who served two months in the county jail after his conviction, is expected to tell Circuit Judge Francis M. Arnold that the proceeds from the sale of his assets did not bring in enough money to satisfy all of Mr. Comstock's secured creditors.

In his plea bargain with Carroll prosecutors, in which several other charges were dropped, Mr. Comstock agreed to have his real estate holdings sold to pay restitution. At one point, Mr. Comstock had expected to have as much as $50,000 left from his property sale with which to pay the condo associations.

If Judge Arnold finds that Mr. Comstock violated the terms of his five-year probation, the judge could impose any or all of the seven-year, 10-month sentence that was suspended. Mr. Comstock, once a respected accountant who had a thriving North Carroll practice, now works for $5 an hour at a county pizza shop.

At Mr. Comstock's sentencing hearing last year, Mr. Blakeslee said the defendant's criminal acts had left him, "in essence, penniless at this point . . . stripped of everything," and prosecutors said later that it appeared unlikely that the associations would get any money back from him.

As a property manager for four Hampstead condominium associations for at least two years, Mr. Comstock was responsible for, among other things, collecting monthly dues, providing financial statements and preparing tax returns.

According to court records, he stole money from the associations' savings accounts and certificates of deposit, then falsified financial reports to the association's officers to cover his thefts.

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