A California woman has been indicted by a federal grand jury for stealing more than $1 million from a Minnesota property management company.
Mai Houa Xiong, 47, from Fresno, California, is charged with:
- Five counts of wire fraud
- One count of aggravated identity theft
- Four counts of making and subscribing a false return
- One count of failure to file an individual return
Xiong was arrested on Sept. 22, according to the U.S. Attorney's Office.
According to court documents, Xiong was formerly employed as a financial manager for a Minneapolis-based property management company. The business provided financial services to homeowners' associations throughout the Twin Cities metro area.
Xiong's main duties involved bookkeeping, and her position had access to homeowner's associations' financials, bank accounts, vendor and contractor payments and bookkeeping systems.
According to the charges, from February 2015 to February 2022, Xiong is accused of conducting a fraud scheme to embezzle funds directly from the accounts she had access to. The funds were HOA fees collected from residents, intended to pay for maintenance, construction and other costs.
As part of the scheme, Xiong frequently accessed the HOA's bank accounts and made electronic transfers of funds go directly to her personal accounts. She allegedly disguised the transfers by mislabeling them to make it look like they were legitimate HOA expenses.
In addition, the charges also accuse Xiong of using her authority as a signatory to make cash withdrawals directly from HOAs' accounts, including making them after she was fired from her position in July 2021.
After she was fired, Xiong began collecting unemployment insurance funds, even after she found a new job.