Former property management CFO sentenced to 2 years in prison after embezzling over $3 million
An Arizona man was ordered to spend two years in prison and repay more than $3 million that he embezzled from his employer, according to a news release by United States Attorney Andrew M. Luger.
David Efrem Katz, 56, was the chief financial officer (CFO) of Durand and Associates — a property management company specializing in servicing homeowner associations. Courts officials said Katz embezzled money from the company and its clients between 2012 and 2017.
Court officials said Katz was authorized to open credit cards under the company’s name for business expenses but not for personal loans.
According to the release, Katz paid himself more than his agreed salary. He would pay himself over $6,000 every two weeks despite having a base salary below $48,000 annually.
Court officials said Katz also paid himself with reimbursements of $6,000 to $10,000 as “recovery loans”‘ and bonuses.
He was ordered to repay all of the money he stole.
On June 26, 2023, Katz pleaded guilty to one count of wire fraud.
Katz worked for Durand and Associates for 19 years.