26 January 2024
An Arizona man has been sentenced to two years in federal prison for embezzling more than $3 million from his Maplewood employer and its clients between 2012 and 2017.
David Efrem Katz, 56, was the chief financial officer at Durand and Associates, a property management company that provides services for homeowner associations, such as collecting dues and fees from residents, contracting for repairs and maintenance and bookkeeping.
Katz paid himself $6,500 every two weeks as a salary despite his base salary never being more than $47,500 annually, according to court documents. He also reimbursed himself for false personal expenses and business expenses by labeling the payments as miscellaneous earnings and reimbursements, “recovery loans,” bonuses and commissions.
Katz pleaded guilty to wire fraud in June and was sentenced this week in U.S. District Court in St. Paul. His sentence also includes two years of supervised release once he’s out of prison, and paying back the money he stole.
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