An Iowa man recently pleaded guilty to embezzling over $120,000 from a homeowners association. The man used the funds to pay his mortgage payments on a condo part of the homeowners association. He also used the funds to pay his credit cards. Out of all embezzled funds, he paid nearly $20,000 toward his mortgage for his own personal condo unit. He pled guilty to a single count of wire fraud.
During the hearing in federal district court, he admitted that when he was treasurer of the homeowners association, he funneled over $124,000 from the association’s bank account into another account that he used to pay his personal expenses. The embezzlement occurred between November 2011 and August 2016. The defendant owned a landscaping business and admitted to setting up fraudulent treasurer reports every year for his business.
The Penalties for Defrauding Homeowners Associations
The defendant created fraudulent reports to hide the money he fraudulently took from the homeowners association. As part of his plea bargain, the defendant admitted to making one wire transfer of $200 to use homeowners association funds to make a payment on his personal credit card. A federal district court judge required the defendant to pay a default judgment of $274,665 to the homeowners association from which he embezzled funds.
The defendant faces up to 20 years in federal prison and up to three years on a supervised release after completing the prison term. Additionally, he may be ordered to pay a fine of up to $250,000 along with restitution, in an amount that has not yet been determined. The defendant was released pending his sentencing.
Facing Embezzlement Charges in Illinois
Embezzlement cases are one of the more complicated types of white-collar crimes. If you have been charged in Illinois, you could face state criminal charges or federal charges. In Illinois, prosecutors must prove that the victim trusted the defendant and that the defendant obtained the property because of the trusted relationship. The prosecutor must also prove that the defendant intentionally took ownership of the property for his or her benefit.
Charged with Embezzlement? You Need an Experienced Lawyer
The amount of money allegedly misappropriated, your position and the length of the alleged wrongdoing will determine the penalties you will face if convicted. Whatever the specific criminal charges you face, one thing is certain. You need an experienced criminal defense lawyer on your side. You will be assigned a public defender after you are arrested and charged. Public defenders are overwhelmed and unable to give your case the attention it needs to get your case dismissed or to secure a verdict of “not guilty.”
The white-collar defense lawyers at Glasgow & Olsson have a proven track record of defending clients against white-collar criminal charges. We will create a winning legal defense strategy for you and advocate for your rights every step of the way. Contact us today to schedule your initial consultation.