Local News
Lynchburg real estate owner pleads guilty to embezzling $550,000
LYNCHBURG, Va. – The owner of Lighthouse Properties of Virginia Inc. pleaded guilty to wire fraud after embezzling nearly $550,000, according to the Department of Justice.
38-year-old Timothy Darrell Penick, of Forest, Virginia, has owned and operated the real estate company since 2011 and provided property management services to clients, including homeowners’ associations and property owners.
In June 2018, Penick developed a plan to defraud several clients by getting permission from them to access their bank accounts. Once he got their banking information, he would then transfer the money to other accounts in Lighthouse Properties’ name, according to authorities.
Officials said Penick was the only authorized owner and signer of the accounts, and he used the money for purposes that weren’t beneficial to the client or approved by them.
To cover up the embezzlement scheme, authorities said Penick forged bank account statements that omitted the transactions.
Penick pleaded guilty to one count of wire fraud, and a federal district court is scheduled to sentence him on Sept. 7.
-
Local News2 weeks ago
Roanoke middle schools will launch a gun violence prevention program this summer
-
Local News1 week ago
Hillsville locals awaken to scenes of devastation following a powerful storm
-
Virginia2 weeks ago
Parents in Lynchburg express concern about the lack of transparency surrounding school budget projections
-
Local News1 week ago
In May, Roanoke Valley Comicon will return
-
Local News2 weeks ago
Salem Planning Commission votes yes for HopeTree rezoning
-
Local News2 weeks ago
15 Vietnam veterans leave on Honor Flight
-
Local News1 week ago
The new CTE center’s formal opening is celebrated by Roanoke City Schools
-
Local News1 week ago
Veterans are welcomed back to their homes after their Honor Flight bus excursion
Leave a Reply