Former Treasurer Admits to Embezzling Over $38 Million

A former county treasurer has pleaded guilty to charges of embezzlement, admitting to stealing more than $38 million from county funds between 2012 and 2024. The money was allegedly used to finance personal expenses, including the renovation of a ranch and the purchase of at least 20 vehicles, among other things.

Elizabeth Gutfahr served as the elected treasurer for Santa Cruz County, Arizona, from 2014 until April 12, 2024. During this time, she transferred funds from her county bank account to a Bank of Montreal account, as indicated by court documents.

“I transferred Santa Cruz County funds from my county savings account and then to my checking account for various purposes,” Gutfahr stated in court documents. “I acknowledge that I owe compensation amounting to $38,712,100.00 for the unauthorized funds used for personal gain.”

Furthermore, Gutfahr created fake business accounts to disguise the movement of money from the county bank accounts.

These account names were essentially deceptive and meant to hide the fact that she was embezzling funds from Santa Cruz County to accounts at Wells Fargo and the Bank of Montreal, according to her judicial agreement.

An attorney representing Gutfahr mentioned in a statement that she hopes to accept responsibility for the harm done to Santa Cruz County. “She recognizes that pleading guilty is a step in the right direction and is committed to facing the consequences of her actions,” said Joshua Hamilton. “She plans to continue on this path for the rest of her life.”

This plea exemplifies the Department of Justice’s commitment to combating public corruption across various levels of government.

Gutfahr was released after her plea but required to surrender her passport. She is scheduled to be sentenced on February 6, 2025. Facing a potential 35 years in prison, she has also agreed to pay $13,143,526 in taxes owed to Santa Cruz County and federal authorities for the years 2014 through 2023.