Arizona county treasurer pleads guilty to embezzling more than $38 million for personal expenses [CNN]
WEST COAST COMMTY BANCP (SCZC)
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Source: CNN
CNN — Elizabeth Gutfahr served as the elected treasurer of Santa Cruz County, Arizona, from 2014 through April 12, 2024. During some of that time, she transferred funds from Santa Cruz County bank accounts to her personal Wells Fargo Bank account and a Bank of Montreal account, according to court documents. “I wire transferred the Santa Cruz County funds from the County's Savings Account and Checking Account for the purpose and as an essential part of carrying out the scheme to defraud to fraudulently obtain the funds for my personal use, all without authorization,” Gutfahr said, according to court documents. “I agree I owe restitution in the amount of $38,712,100.00.” Gutfahr also used fake business accounts to help conceal the transfer of funds from the Santa Cruz County bank account. “These account names were materially false and fraudulent representations to intentionally conceal the fact that I was wire transferring Santa Cruz County funds to my Wells Fargo and BMO Accou
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