Property Manager Pleads Guilty to Stealing Condo Association Fees

An Oakhurst woman pleaded to guilty to embezzling over $400,000 from a Freehold Township homeowners association, according to a press release from the Monmouth County Prosecutor’s Office.

Theresa Tierney, 60, entered the guilty plea Thursday before Judge Richard W. English.

Tierney was the property manager at Strickland Farms Condominiums when she stole the funds, prosecutors said. She fraudulently opened a bank account in 2003 under Strickland Farms, which is managed by the Solomon Organization, and making herself the sole signatory on the account. Prosecutors said Tierney deposited association fees from homeowners into the account, rather than turning it over to the Solomon Organization.

The  theft came to the attention of the management company after several homeowners were informed they were delinquent in paying dues they were actually current on, according to the press release. The management company alerted authorities, and the Monmouth County Prosecutor’s Office conducted an investigation that led to Tierney’s arrest on April 21.

Tierney pleaded guilty to second-degree theft by failure to make required disposition of property. Pursuant to the terms of her plea agreement, the Monmouth County Prosecutor's Office will recommend English sentence Tierney to a state prison term of 7 years. The plea agreement also calls for Tierney to make full restitution.

Tierney is scheduled to be sentenced on April 13, 2012.