Turnberry Condo Board President Busted For Stealing $1.5 Million

President of Aventura Condo Association Arrested for Embezzling Over $1.5 Million

Authorities have arrested Gregori Arzumanov, the president of the Turnberry On the Green Condominiums in Aventura, for allegedly embezzling over $1.5 million from the condo association. Arzumanov, 62, was taken into custody on Tuesday morning and faces multiple charges, including racketeering, organized fraud, grand theft, money laundering, and fraudulent use of a credit card.

Arzumanov had served as president of the luxury condo association since 2008. Turnberry On the Green, a high-end residential building, overlooks the Turnberry Isle Country Club and is located across the street from the Aventura Mall. Despite the building’s exclusive reputation, the alleged financial mismanagement by Arzumanov has shocked both residents and authorities.

According to Miami-Dade State Attorney Katherine Fernandez Rundle, the embezzlement began in February 2017. Arzumanov, who holds a degree in quantum physics but has no formal engineering background, allegedly took over multiple top-level positions within the association, including property manager and chief engineer. These roles gave him unprecedented control over the condo’s finances, allowing him to operate without oversight.

Rundle described the situation as “trouble in paradise,” noting that the association’s $3 million annual budget, funded by monthly fees from homeowners, was severely misused. Investigators discovered that Arzumanov exploited his authority by creating fraudulent entities and siphoning funds through schemes involving his own companies. One notable scheme involved a security business he established in 2017, claiming it was a not-for-profit entity meant to save the association money. Instead, Arzumanov used the business to bill the association significantly higher amounts than what they had been paying their previous security contractor.

By 2018, the association was paying Arzumanov’s security company $384,000 annually, far exceeding the previous $335,000 budget. The security company employed between six and eight employees, but often lacked the necessary staffing to cover shifts. Arzumanov even hired residents to fill in, while profiting over $1 million from this scheme alone.

Arzumanov also allegedly orchestrated several other fraudulent schemes. In one case, he billed the association $10,000 quarterly for consulting services, which he claimed were for “aquatic facilities services” despite a separate company being paid for pool maintenance. His other personal expenses included artwork and personal trips, which were all billed to the association.

The alleged fraud was revealed thanks to concerned residents who reported suspicious activity. Aventura Police Chief Michael Bentolila acknowledged that the investigation took over four years due to the intricate nature of the fraud. “I’ve never seen anything like this in my entire career,” said Bentolila. “This was a complete takeover of the building’s assets.”

Authorities believe more arrests may follow. Bentolila urged anyone involved in the scheme to cooperate with investigators before facing their own criminal charges.

For the residents of Turnberry On the Green, the fallout from this investigation has shaken their community, which was once seen as a symbol of luxury and exclusivity. With Arzumanov in custody and the investigation continuing, many hope for a return to transparency and accountability in the management of their building.

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