Michael Richter, the former manager of five apartment buildings in Queens, New York, was arrested and charged with multiple counts of grand larceny and falsifying business records for allegedly embezzling approximately $950,000 of tenant maintenance fees.
Between January 2004 and August 2009, Richter allegedly abused his position as a managing agent from Charter Management Realty Inc. and stole approximately $950,000 from the company’s lockbox. These funds were supposedly used for each of the contracted building’s expenses such as utility bills and staff salaries.
Richter also allegedly tried to cover his thefts by falsifying the annual accounting reports for each of the five apartment buildings.
If convicted, Richter faces a maximum penalty of 15 years in prison.
