Man Admits stealing $2.5M From Homeowner Associations
BALTIMORE (AP) — A man who prosecutors say financed a lifestyle of nightclubbing, NBA games, manicures and limousines by stealing $2.5 million from his clients has pleaded guilty to wire fraud.
The U.S. Attorney's Office said in a news release that 39-year-old William Francis of Elkridge entered the plea Wednesday in federal court in Baltimore.
Prosecutors say Francis owned two companies which managed HOA reserve funds, which were typically held in savings or money market accounts.
According to his plea agreement, Francis defrauded at least 51 of his company's HOA clients by taking reserve funds.
Prosecutors say Francis spent the money on Washington Wizards games; adult entertainment venues and nightclubs; dog grooming services; a nail salon, and a limousine service.
Francis faces a maximum of 20 years in prison at sentencing Sept. 13.
Follow @CBSBaltimore on Twitter and like WJZ-TV | CBS Baltimore on Facebook
(© Copyright 2016 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)