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President of condo association faces grand theft charges

On Behalf of | Aug 20, 2022 | White-Collar Crimes |

Those who are entrusted with overseeing the financial endeavors of a company may take on a great deal of responsibility. Any discrepancies in monetary records may leave others looking for someone to blame and facing allegations of unlawful financial behavior can be a stressful and daunting process. A recent investigation into allegations of embezzlement at a condo association in Florida has left the president of the organization facing grand theft charges.

Allegations of theft

Reports indicate that the investigation began after members of the condo association claimed to have uncovered the presence of financial discrepancies in company records. While looking into these records, one member claimed to have learned that there was nearly $500,000 missing from company reserves. This prompted an investigation that allegedly indicated that the president of the association had stolen funds and used them for personal endeavors.

According to reports, the man stands accused of writing checks to bank accounts under his control and stating that the funds were used to purchase supplies for the condo. However, authorities claim that there is no documentation to support these purchases. Members of the condo claim that he also took steps to keep condo maintenance costs at a minimum. While reports indicate that he continues to be acting president for the association, this will likely change should a conviction be obtained.

Responding to allegations

The possible loss of one’s position with a company might not be the only issue involved, as a conviction for grand theft charges carries severe penalties that could impact various areas of one’s life. Individuals in Florida who stand accused of such offenses might not always understand their legal rights and options and they could also be uncertain of where to turn for advice on the best course of action to take. When facing a similar situation, a person could benefit from consulting with an attorney for guidance in making informed choices about the situation and in preparing a strong defense for use during subsequent court proceedings.