Naperville Businessman Charged With Embezzlement

Law Office of Philip R. Nathe

A past president of the Naperville Public Library and the owner of a local property management firm recently pleaded not guilty to a felony charge of embezzling funds from a homeowner’s group.

The owner of the company is accused of stealing more than $25,000 from the North Edgewood Homeowners Association, which contracted with his company for property management services such as paying the association’s bills and collecting dues from the association’s homeowners.

According to investigators, the case began when the president and vice president of the homeowners association found discrepancies in their accounts. They were able to determine that approximately $25,900 was missing. Although the owner of their management company tried to repay the money, and did pay back around $6,000, the homeowners association elected to get the police involved.

The management company was paid $3,000 per year for its services to the homeowners association.

What Is Embezzlement?

Generally, embezzlement is committed by someone who is trusted with an organization’s funds – such as an employee, agent or fiduciary of the organization. In Illinois, embezzlement is defined as the theft of money or property exceeding $10,000, but not exceeding $100,000. The crime is a felony. Those who are accused of embezzlement may face prison time.

Accountants, bookkeepers and management companies provide services that require trust. Sometimes these services are difficult to oversee. When questions arise regarding the accuracy of accounts, it may tarnish an otherwise spotless professional record. An effective defense must not only protect procedural rights and investigate possible defenses, but also seek to rehabilitate a reputation.

Source: Naperville Sun, “Feldott pleads not guilty in embezzlement case,” Bill Bird, June 20, 2012.

For more information on this topic, please see our Naperville embezzlement page.

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Naperville Businessman Charged With Embezzlement