The president of Turnberry On the Green Condominiums in Aventura, Gregori Arzumanov, has been arrested for allegedly embezzling over $1.5 million from the condo association.
Luxury Condo President Accused of Embezzlement
Arzumanov, who had been the president since 2008, was taken into custody on Tuesday on charges of racketeering, organized fraud, money laundering, grand theft, and fraudulent use of a credit card. Miami-Dade State Attorney Katherine Fernandez Rundle revealed that Arzumanov’s fraudulent activities date back to 2017. Despite the upscale appearance of the Turnberry On the Green Condominiums, investigators discovered significant financial misconduct. The association had an annual budget of over $3 million, funded by monthly fees from homeowners, and Arzumanov’s schemes involved siphoning these funds for personal use.
Exploiting His Positions for Personal Gain
Arzumanov, who initially stepped down as president in January 2022 but returned to the role later that year, used his position to control the condo’s management. He strategically placed himself in multiple high-level roles, including property manager and chief engineer, which gave him unchecked access to the association’s finances. Investigators found that he held these positions without the necessary qualifications, exploiting the lack of oversight to carry out his embezzlement schemes.
His fraudulent activities included creating a fake security company in 2017. He falsely claimed the business was a non-profit organization owned by the association, promising it would save money. Instead, he terminated the association’s security contract and replaced it with his company, which charged $99,000 more annually. Through this scheme alone, Arzumanov profited over $1 million. He also arranged for the association to pay another one of his companies $10,000 quarterly for supposed “aquatic facilities services.” However, no such services were provided, and the association continued to pay another company for pool maintenance.
Fraud Uncovered by Residents
The fraudulent activities were eventually uncovered thanks to vigilant residents who reported irregularities. Aventura Police Chief Michael Bentolila acknowledged the lengthy investigation and apologized for the four-year delay in bringing Arzumanov to justice. Bentolila also suggested more arrests might follow as others involved in the scheme could soon face charges.
Fernandez Rundle pointed out that many condo residents were absentee owners, which allowed Arzumanov to operate without much scrutiny. She urged condo owners to remain vigilant, ask questions, and be cautious about signing documents, warning that condo associations are sometimes used as “cash cows” for fraudulent activities. Arzumanov’s schemes also included using aggressive tactics to silence opposition, such as levying excessive fines, terminating employees, and filing lawsuits. These actions kept residents and board members in fear, allowing him to continue his fraud undeterred.
The investigation revealed that Arzumanov also laundered money by channeling rent payments through his deceased mother’s name and used association funds for personal purchases, including expensive artwork and lavish trips. Authorities have promised continued investigations and warned anyone who collaborated with Arzumanov to come forward before facing potential arrest.
or a specific category with our 
Comments are closed, but trackbacks and pingbacks are open.