Maryland – Man admits stealing $2.5M from homeowner associations

The Washington Post:  Man admits stealing $2.5 M from homeowner associations
By Associated Press
May 4, 2016

BALTIMORE — A man who prosecutors say financed a lifestyle of nightclubbing, NBA games, manicures and limousines by stealing $2.5 million from his clients has pleaded guilty to wire fraud.

The U.S. Attorney’s Office said in a news release that 39-year-old William Francis of Elkridge entered the plea Wednesday in federal court in Baltimore.

Prosecutors say Francis owned two companies which managed HOA reserve funds, which were typically held in savings or money market accounts.

According to his plea agreement, Francis defrauded at least 51 of his company’s HOA clients by taking reserve funds.

Prosecutors say Francis spent the money on Washington Wizards games; adult entertainment venues and nightclubs; dog grooming services; a nail salon, and a limousine service.  Read more:

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