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Condo | HOA Lawyers

Aurora Management Theft Leads to Prison Sentence

As a result of her theft of over $1 Million Dollars, Tracy Reed was sentenced to seven (7) years in prison yesterday by Judge Judith Hunter in the Summit County Common Pleas Court.

Bob Kmiecik attended the hearing and reports that Judge Hunter appeared fully informed about the economic, emotional and other harm that Tracy’s theft caused for hundreds, if not over a thousand homeowners. The Judge had read all of the letters submitted by Board members and had reviewed the matter at length with the prosecutor and Tracy’s defense counsel.

In addition, she listened to statements presented in Court by two board members and allowed Bob to speak as well. Bob informed the Judge that not only had Tracy’s criminal acts caused harm to the associations and their owners, but that a “secondary loss” occurred when Tracy gave a “black eye” to her colleagues in the Professional Property Management industry. Bob noted that Tracy was well aware of the great harm caused by the Multivest loss, but that apparently she was not deterred by the 5 year Federal Prison sentence handed down to Kathleen DiSalvo.

Tracy spoke briefly and softly in her own defense and said “I have no legitimate excuse; I betrayed my “customers’” trust; It is a difficult business; It got out of control; I have no way to repay it; I have no way to make it right.”

In sentencing Tracy to 7 years out of a maximum of 8 years, the Judge specifically noted Tracy’s apparent lack of genuine remorse and rejected Tracy’s request for a couple of weeks to arrange for the custody of her children. Noting “we will take care of your children” the judge ordered Tracy to be “immediately” taken to jail as she was led out of Court in handcuffs.

Although the Court will issue a restitution order, it was generally agreed by the prosecutor, the Judge, and Tracy’s lawyer, that she does not have any substantial assets to satisfy the order.


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