Tuesday, September 22, 2009

Idaho Man Admits $600K Embezzlement

Jerry Warren Gunstream, 60, of Nampa, Idaho and a real estate broker, reportedly admitted that he had embezzled nearly $600,000 from eight properties he dealt with while working as a Caldwell Banker franchisee. Gunstream is also being sued civilly by an Oregon-based company alleging that he owes them $125,000. He has reportedly been under investigation by the Idaho State Police for several months now.

Read the story here and here.

Update (1/29/12): Gunstream, now 62, has been formally charged with embezzling $598,000 from 8 properties he managed through his franchise of Coldwell Banker Commercial. According to reports, Gunstream admitted in a 2009 letter to Caldwell Banker, that he misappropriated the monies over a period of at least a year, from June 2008 through July 2009. Gunstream reportedly told police that he would electronically transfer money out of the tenants’ accounts on an “as needed” basis to cover his own expenses because his income from real estate sales had declined. Gunstream filed for personal bankruptcy in December 2010. He has been charged with two counts of felony theft of more than $400,000.

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