The former president of Aventura’s luxury condominium association has been released after being arrested on charges of embezzling more than $1.5 million from the association over several years.
Gregory Arzumanov, 62, the former president of Turnberry on the Green Condominiums, posted bail and left jail Tuesday night.
At a hearing last week, a judge refused to reduce his bail from $350,000, which prosecutors say is based on funds that may be connected to a condominium association, known as a Nebbian hold. This is because I wanted to make sure that nothing was used.
Prosecutors also said they feared he could flee the area, especially since he was taking flying classes, although he had provided U.S. and Russian passports.
Miami-Dade Correction Gregory Arzumanov
Court records showed Arzumanov met Nebbia’s requirements on Monday.
Arzumanov was arrested earlier this month on charges including extortion, organized fraud, money laundering, grand theft and fraudulent use of credit cards.
At a hearing last week, his lawyer admitted he used the credit card for personal expenses, but claimed he had paid back most of the money.
Prosecutors and police said Arzumanov used his position as president to embezzle more than $1.5 million from the association dating back to February 2017.
Mr. Arzumanov has pleaded not guilty in the case. He is scheduled to appear in court again in January.
