MINNEAPOLIS — A California woman is facing charges after she allegedly embezzled more than $1 million from her Minnesota-based employer.
The U.S. Attorney’s Office said on Monday that a federal grand jury had indicted a 47-year-old man Mai Houa Xiong on charges related to wire fraud, identity theft and filing false tax returns in connection with the embezzlement scheme.
According to court documents, Xiong worked as a chief financial officer for a Minneapolis company that provided financial services to homeowners associations in the Twin Cities. Records show his work included bookkeeping and gave him access to financial statements, bank accounts, supplier and contractor payments and other sensitive accounting information from homeowner associations working with the company.
Court documents show that between February 2015 and February 2022, Xiong misappropriated money from these accounts in the form of HOA fees paid by residents to associations that were supposed to cover maintenance, construction and other costs. Records show that she transferred money directly from HOA bank accounts to her personal accounts calling them legitimate expenses and also made cash withdrawals from the accounts using her signing authority.
According to the documents, Xiong was fired by the property management company in July 2021, but continued to withdraw money from HOA accounts and collect unemployment insurance even after finding another job.
She faces five counts of wire fraud, one count of aggravated theft of identity, four counts of fabricating and underwriting a false statement and one count of failing to file an individual return. She will return to court at a later date.