A Conway woman is facing up to 20 years in prison after she was recently charged with embezzling nearly $200,000 from a Petoskey-area hotel she managed for 17 years.
On Dec. 27, Emmet County Sheriff's deputies arrested Colleen "Koko" Gay Loar, 50, on a charge of embezzlement by agent or trustee, more than $100,000.
The charge is a felony punishable by up to 20 years in prison.
Loar is free from custody after posting a $10,000 surety bond on the day of her arrest.
According to an Emmet County Sheriff's office affidavit filed in the case, the alleged embezzlement took place over a nearly five year period from April of 2008 to Jan. 31, 2013.
According to the affidavit in February of 2013, the owners of the company that operates the Petoskey Comfort Inn, located at 1314 U.S. 31 North in Bear Creek Township, reported that they believed that Loar, the hotel's longtime manager, had been stealing money and using company funds to pay for her personal goods and services.
Police said their investigation showed that Loar allegedly misappropriated a total of $197,000.
According to the affidavit, Loar is accused of using company money to buy computers, a tankless water heater and two water treatment units for her home, automotive repairs for her car, a $500 purse, clothing at Boyne Highlands, phone bills, and to make more than $6,400 in donations to area charities and nonprofit groups.
She also is accused of writing 10 checks on the company's account to "cash" totaling $17,626 and allowing another person to stay at the hotel for a month and only charging him for one night's stay — a $5,770 value.
The owners also reported to police that a review of the company's books from 2010-2012 revealed more than $154,000 in missing cash receipts, according to the affidavit.
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