AVENTURA, Fla. (WSVN) – – A former condominium association president accused of stealing more than $1.5 million from the condominium association has been released from jail on bond.
Gregory Arzumanov was released from Turner Guilford Knight Correctional Center in West Miami-Dade on Tuesday.
The 62-year-old appeared in court Monday, where Miami-Dade Circuit Judge Laua A. Stugin asserted that his bail did not come from any crimes he is accused of committing.
When Arzumanov was released from prison, 7News cameras spotted him wearing glasses and a button-up shirt. He declined to comment on any serious charges against him.
The court decided that the bail would be paid from his stepdaughter’s bank account, not his own. Stugin agreed to pay bail, which was set at $350,000, but Arzumanov only had to pay $35,000 for his release.
Arzumanov is the former president of Turnberry on the Green Condominiums, 19501 W. Country Club Drive in Aventura.
He was arrested in October on suspicion of stealing $1.5 million from the association and using the money to pay for items such as art and fuel for planes for flight lessons rather than repairing the building.
“He took over not just the building, but everything that’s going on around the building, all the assets that are used in and around the building,” Aventura Police Chief Michael Ventorilla said. “It was a complete takeover. I’ve never seen anything like this in my career.”
The investigation into Arzumanov’s activities had been ongoing for four years prior to his arrest, and money was a key element in the case.
Additionally, a recent report by seven investigators raised questions about a $15,000 check issued in April by the condominium association to the law firm currently representing Arzumanov’s criminal defense.
“I told the state, ‘If we find out that the check was fraudulently given in any way, we’ll give you your money back,'” said Sam Rabin, Arzumanov’s attorney.
Arzumanov has pleaded not guilty to all charges, including extortion, organized fraud and money laundering.
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