Florida Condo Association President Faces Federal Charges for Alleged Embezzlement

Former condo association president Gregori Arzumanov is under scrutiny again as federal authorities have indicted him on serious charges concerning the alleged theft of more than $700,000 from the Turnberry on the Green Condominium Association.

Background on Arzumanov’s Allegations

A Miami federal grand jury returned an indictment against Arzumanov and an unidentified co-defendant on June 6. The charges include:

• Wire Fraud
• Conspiracy to Commit Wire Fraud

The indictment claims that Arzumanov and his associate transferred significant sums from the Turnberry on the Green’s funds to bank accounts they controlled. This condominium is located at 19501 West Country Club Drive in the affluent Aventura neighborhood and stands 26 stories tall, housing 378 units.

Previous Legal Troubles

Arzumanov’s troubles began when he served as the president of the Turnberry on the Green condo board from 2008 until October 2022. During this period, he has faced multiple charges, including racketeering filed by the Miami-Dade state attorney’s office. This brings to light the serious claims that he misused his authority over the condo association.

Allegations of Financial Misconduct

In the recent federal case, the indictment specifies that on May 20, 2022, Arzumanov and his alleged accomplice transferred $610,000 from the condo association’s account to a different bank under a business name linked to the association. They also deposited a $116,251 check into this same account.

Several funds were allegedly misappropriated, including:

• A payment of $225,100 to Arzumanov’s deceased mother.
• An additional $367,250 laundered through accounts bearing her name posthumously.

Moreover, the investigation revealed that Arzumanov orchestrated a fake security company that reportedly siphoned off $200,000 from the condo association.

Potential Consequences

If convicted, Arzumanov could face a maximum sentence of 20 years in federal prison and a minimum fine of $250,000. His defense attorneys, Gennaro Cariglio Jr. and George Lambert, have yet to provide a statement regarding the charges.

Broader Implications for the Community

The case has raised significant concerns among residents and stakeholders within the Turnberry on the Green community. With an annual budget of about $3 million, the condo association reliably collects approximately $3.3 million in maintenance fees each year from its residents, underscoring the importance of trust and integrity in association leadership.

Conclusion

The ongoing legal saga of Gregori Arzumanov serves as a reminder of the critical need for transparency and ethical practices in condo governance. As this case progresses, it will undoubtedly keep the community and observers on alert for further developments.

For further insights into condo management and related legal issues, consider visiting sources such as Nolo or The Condo Association Site.