Property Manager Jailed for Embezzlement

Property manager pleaded guilty to wire and bank fraud for embezzling funds from his employer condominium association and taking out an unauthorized loan in the association's name. The association had to raise its common charges by $100 per month to replenish accounts depleted by the employee's fraud. The court sentenced the property manager to 60 months in prison. He appealed, claiming that the sentence was excessive. But the level of the offense was increased because there were 70 condo association members and each one was a separate victim of the fraud. The length of the sentence was applicable to offenses involving 50 or more victims.

USA v. Iovino: Index No. 14-270, NYLJ No. 1202717344388 (2d Cir. Ct App.; 2/2/15; Katzmann C.J., Kearse, Raggi, JJ)