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Columbia-based HOA management firm owner pleads guilty to stealing $2.5M
Listen to this articleThe owner of a Columbia-based management firm faces up to 20 years in prison after pleading guilty in federal court Wednesday to a wire fraud scheme that resulted in a $2.5 million loss to dozens of homeowner associations.
William Kyndall Francis, 39, of Elkridge, owned and operated Legacy Investment and Management Inc., which provided financial and property services to homeowner and condominium associations in Maryland, Virginia and Washington, according to a news release from the U.S. Attorney’s Office.
Francis admitted to defrauding at least 51 of Legacy’s clients by taking reserve funds that belonged to the associations and spending them on dog grooming services, strip clubs and limousine rentals between October 2011 and August 2012, according to prosecutors.
Fake bank statements were created for the associations, and their representatives were told their reserve funds were intact and making money, according to the release.
A money judgment in the amount of $2.5 million was entered against Francis as a part of his plea agreement. Sentencing will take place Sept. 13.
