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Property Manager Fraudulently Pocketed Fees from Chicago Condominium Association

A property manager has been charged in federal court with fraudulently pocketing more than $150,000 in illegal fees from a condominium association in Chicago’s Edgewater neighborhood.

Alan P. Gold, the owner and operator of Chicago-based A.P. Gold Realty & Management Inc., overbilled the Edgewater condo association for management services that were never performed, according to a criminal complaint and affidavit filed in U.S. District Court in Chicago. He also skimmed from the association’s reserve account by paying himself monies to which he was not entitled, the complaint states.

Gold is suspected of pilfering an additional $750,000 from eight other Chicago condominium associations.

The complaint charges Gold, 65, of Chicago, with one count of mail fraud. He was arrested on Nov. 9, 2016, and made an initial appearance that day, where he was released on a $10,000 personal recognizance bond.

According to the complaint, Gold had signature authority over the Edgewater condo association’s bank accounts and was supposed to draw a monthly fee $650 for management services, which included collecting special assessments and paying utility providers. Gold overbilled the association by withdrawing multiple $650 checks in the same months, and he tapped into its reserved fund to write substantially higher checks to himself, the complaint states. All told, Gold stole approximately $154,271 from the Edgewater condo association between 2010 and 2014.

Gold defrauded the other associations in a similar manner, as stated by the complaint. He concealed the fraud by furnishing fraudulent monthly statements to the condo associations that showed their balances to be higher than they actually were.