Police: Several accounts involved in Double R Realty alleged embezzlement case

Created: 08/01/2014 7:41 PM
By: Ryan Luby, KOB Eyewitness News 4

Rio Rancho police served a search warrant at a realty management company on Friday in connection to an alleged embezzlement case.

Detectives say a Double R Realty employee embezzled hundreds of thousands of dollars from several individuals and businesses, including homeowners' associations.

"I do anticipate charges being filed in the future," Lt. John Ross said.

He said the investigation may last for weeks or months given the sheer volume of evidence collected in the seizure.

A KOB Eyewitness News 4 crew witnessed detectives wheeling at least a dozen filing cabinets, along with numerous computers, into a trailer.  The cabinets were kept closed with red evidence tape.

Lt. Ross would not identify the department's tipster, but said the source divulged "extensive" financial information about the embezzlement.

"There are several accounts involved.  Money was transferred to different accounts under false pretenses," he said.

Double R Realty is located at 4020 Peggy Road. The business, in operation since 1997, offers several real estate management services in the metro.  It sells residential and commercial properties, leases rental homes, and manages seven homeowners' associations and three commercial associations.

Paul Mansfield, the President of the Pueblo Los Cerros community, said he grew suspicious of the company on Monday.

"We weren't getting phone calls returned, or e-mail responses to anything," he said.

Mansfield said no one from Double R Realty has called him to fully explain what's going on.  He said he's relied largely on KOB and police information.

"So we've kind of had to cobble together the pieces," Mansfield said.

He said his homeowners' association has contracted with Double R Realty for five or six years.  He said the company handled the community's invoices and billing, but was not authorized to spend its money.

Mansfield said none of his neighbors have complained about missing or mismanaged money.

For now, he said he'll handle the homeowners' association's finances until the board decides what to do at a special meeting on Monday.

In the meantime, he wonders just how far Double R Realty allegedly spun out of control.

"How they continued to operate with that going on makes me wonder what kind of controls they may have in place, or not have in place," Mansfield said.

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