Elizabeth Gutfahr, former Santa Cruz County, Arizona treasurer, pleaded guilty Thursday to embezzling more than $38 million that she used for personal expenses, including improvements to private property and the purchase of a car. Photo courtesy of KGUN 9.
Nov. 24 (UPI) — A former county treasurer in Arizona has pleaded guilty to stealing more than $38 million to pay for improvements to his personal ranch, the purchase of at least 20 cars, and personal property for himself and his family, the Department of Justice announced.
Elizabeth Gutfahr62, who was elected Santa Cruz County Treasurer from 2012 to 2024, pleaded guilty Thursday to charges of embezzlement, money laundering and tax evasion, officials said. The newspaper said she held the position for 10 years, during which time she transferred funds from her Santa Cruz County bank account to her personal account at Wells Fargo Bank and to an account at Bank of Montreal. US Department of Justice.
“I wired Santa Cruz County funds from county savings and checking accounts, all without authorization, as an integral part of a fraudulent scheme to fraudulently obtain funds for personal use.” admitted Mr. Gutfahr. According to court documents. “I agree that I am liable for damages in the amount of $38,712,100.00.”
The scheme involved nearly 190 wire transfers, according to the Justice Department. Mr. Gutfahr used the credentials of subordinate Santa Cruz County employees to subvert the two-step approval process, allowing him to both initiate and approve wire transfers.
“Additionally, to conceal this scheme, Gutfahr falsified accounting records, cash reconciliation records, and county investment account reports to conceal the millions of dollars he had stolen from Santa Cruz County. Farr did not report any of the stolen funds, which were treated as income for tax purposes,” the Justice Department said.
Gutfahr was released from custody and ordered to surrender his passport. she is scheduled declared If convicted, he could be sentenced to up to 35 years in prison in addition to paying restitution to Santa Cruz County.
Pointing out the irony that the officials who oversee the county’s funds would instead steal it, Chief Deputy Assistant Attorney General Nicole Argentieri said:
“We expect public servants to serve as stewards of the government…not to rob the government.” Argentieri said.
Gutfahr also used fake business accounts to hide illegal fund transfers.
“These account names were intentionally used to represent the fact that I was embezzling county funds by wire transfers of Santa Cruz County funds to Wells Fargo and BMO accounts,” Gutfahr said in his plea agreement. “It was a grossly false misrepresentation intended to conceal the facts.”
The former treasurer “wants to be held accountable for the damage he has caused Santa Cruz County,” attorney Joshua Hamilton said in a statement.
“She knows that by pleading guilty and accepting the punishment she will face as a result, she is taking a step in the right direction of taking responsibility for her actions. I will try to continue on that path.”
Santa Cruz County is sued the country He criticized Arizona State for an alleged lack of supervision.
