The president of a luxury condo association in Aventura has been arrested for allegedly embezzling over $1.5 million from the association over a period of several years, authorities said.
The former president of a luxury condo association in Aventura arrested for allegedly embezzling over $1.5 million from the association over a period of several years has been released from jail.
Gregori Arzumanov, 62, the ex-president of the Turnberry On the Green Condominiums, left jail Tuesday night after posting bond.
At a hearing last week, a judge refused to reduce his bond from $350,000, as prosecutors wanted to ensure he wasn't using any money possibly connected to the condo association to pay the bond, known as a Nebbia hold.
Prosecutors also said they fear he could flee the area, especially since he took flight classes, though he turned in his U.S. and Russian passports.
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Court records showed Arzumanov had satisfied the Nebbia requirement on Monday.
Arzumanov was arrested earlier this month on charges including racketeering, organized fraud, money laundering, grand theft, and fraudulent use of a credit card.
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At last week's hearing, his attorneys admitted he used the credit card for personal expenses but claimed he paid back most of the money.
Prosecutors and police said Arzumanov used his position of president to embezzle over $1.5 million from the association dating back to February 2017.
Arzumanov has pleaded not guilty in the case. He's due back in court in January.
