Manager Accused of Embezzling $500K from R.I. HOA
Rhode Island State Police recently arrested the former manager of a Newport HOA for allegedly embezzling $527,934 from the association.
The State Police Financial Crimes Unit launched the investigation after receiving a complaint from the board of directors at the community, a time-share development in Newport, R.I. As a result of the investigation, an arrest warrant was issued against the association’s former general manager, who was accused of issuing 34 unauthorized checks for his own benefit totaling $527,934 over a five-year period.
On Sept. 12, 2014, the manager was arrested and charged with Embezzlement Over $100, which carries a possible prison sentence of up to 20 years or a fine up to $50,000, or both.
After his arraignment, the manager was released on $1,000 personal recognizance. He is scheduled to be back in court later this year.