Strip Mall Owner Accused of Using Investor Cash for Private Jets

Investors in a shopping center near St. Louis accused property owner Arciterra Cos. and its founder, Jonathan Larmore, of misusing cash to fund a lavish lifestyle that included about a dozen personal residences and two private jets.

Arciterra owns more than 80 properties including real estate in Midwestern US cities such as Indianapolis and Tulsa, Oklahoma, according to its website. A federal lawsuit alleges none of the more than 2,000 investors in Arciterra offerings have received payments since 2019, and that the firm is aiming to “wait out” elderly investors who may die or give up on the hope of recovering their money.

Belleville Crossing in St. Clair County, Illinois.

Source: Google Maps

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