Date: 2007-03-13
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Gregory A. White, United States Attorney for the Northern District of Ohio, announced today that an information has been filed against Kathleen DeSalvo charging her with mail fraud. Kathleen DeSalvo, age 52, resides at 7673 Crimson Court, Mentor, Ohio. The information alleges that MultiVest Management, Inc., was a property management company located in Willoughby, Ohio, which provided services for about 50 condominium and homeowner associations. The information alleges that Kathleen DeSalvo was a vice president and co-owner of MultiVest and her duties included overseeing the accounting department and handling banking activities of MultiVest and its clients’ accounts.
(Media-Newswire.com) - Gregory A. White, United States Attorney for the Northern District of Ohio, announced today that an information has been filed against Kathleen DeSalvo charging her with mail fraud. Kathleen DeSalvo, age 52, resides at 7673 Crimson Court, Mentor, Ohio. The information alleges that MultiVest Management, Inc., was a property management company located in Willoughby, Ohio, which provided services for about 50 condominium and homeowner associations. The information alleges that Kathleen DeSalvo was a vice president and co-owner of MultiVest and her duties included overseeing the accounting department and handling banking activities of MultiVest and its clients’ accounts. The information further alleges that, beginning about 2000 and continuing through January 2007, without the knowledge or authorization of MultiVest’s clients, DeSalvo transferred funds between client accounts and deposited funds into MultiVest’s bank account. The information charges that DeSalvo used most of these unauthorized funds to pay business expenses of MultiVest, while some of the unauthorized funds were used for personal expenditures.
The information further alleges that DeSalvo received bank statements each month for all of MultiVest’s clients. In order to conceal her fraudulent scheme from those clients, DeSalvo calculated how much money should have been in the clients’ accounts and created false statements which reflected those inflated balances. The information further charges that DeSalvo provided those falsified bank statements to the accounting department which unknowingly created false financial statements for MultiVest’s clients each month. It is further alleged that those false financial statements, which reflected the inflated bank account balances, were mailed to MultiVest’s clients each month. The information alleges that, as a result of DeSalvo’s fraudulent conduct, about 43 MultiVest clients were defrauded and sustained losses totaling approximately $3.4 million.
If convicted, the defendant’s sentence will be determined by the court after review of factors unique to this case, including the defendant’s prior criminal record, if any, the defendant’s role in the offense, and the characteristics of the violation. In all cases the sentence will not exceed the statutory maximum and in most cases it will be less than the maximum.
This case is being prosecuted by Assistant United States Attorney John D. Sammon, following an investigation by the Cleveland office of the Federal Bureau of Investigation.
An information is only a charge and is not evidence of guilt. A defendant is entitled to a fair trial in which it will be the government’s burden to prove guilt beyond a reasonable doubt.