Former Property Manager Indicted by Feds for Embezzling
Andrew Bandy, a former property manager for Mallory Properties, has been indicted on federal charges related to embezzlement. Bandy is accused of embezzling over $240,000 from the real estate investment company.
According to the indictment, which was handed down last week by a federal grand jury, Bandy submitted false invoices for construction work never performed, and then deposited Mallory Properties checks related to those invoices deposited into a bank account he controlled. (i.e. He had a guy set up an account and give him control of the account.) The scheme was carried out from April 2003 through August 2005.
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- From White Collar Crime Fighter: Why Were Law Partners Unaware That None of Them Was Signing Disbursement Checks?
- Pinnacle Development Partners Charged With Running a Ponzi Scheme
- Suspect in Title Company Fraud to be Charged with Felonies
Comments (2)
Tracy,
I worked in property management for several years. My former manager embezzeled over $280,000 from the retirement community where we worked. I always knew she lived beyond her means, but could never figure out how. Anyway, the you-know-what hit the fan, she was fired and a forensic accounting firm was brought in. After a year charges were pressed and she friggin’ won! (Small town, local girl, well known family, jury trial) It really upsets me to no end when I see these stories on the news where the clerk from 7-11 made off with $400 and was prosecuted and found guilty and my former friend/boss laughed all the way to the bank.
This took place in northern MI if you are curious at all.
Amazing, isn’t it? The stories are so often the same. And the smaller organizations feel the pain of the theft so much more! Thanks for sharing your story!