CHICAGO (CN) - Federal prosecutors say the owners of a property management company defrauded condo associations of millions of dollars. The wire fraud indictment claims Regent Realty Group president Donald Doering and chairman Jay Strauss siphoned money to pay personal debts from an unrelated real estate development.
Doering, 63, and Strauss, 75, were supposed to use the condo associations' fees for maintenance and repairs. But they swiped "over $2 million in assessment payments from the Condominium Associations" and covered it up with bogus financial reports and bank statements, according to the indictment.
A federal grand jury charged them with three counts of wire fraud. They are accused of running their game from 2005 until 2008. Doering and Strauss each own 50 percent of Regent Realty.
If convicted, they could face up to 60 years in prison and a $250,000 fine.
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