AVENTURA, Fla. (WSVN) – The long-time president of an Aventura condominium board, Gregori Arzumanov, 62, was arrested on Tuesday, accused of orchestrating a massive fraud scheme that stole approximately $1.5 million from the condo association.
Aventura Police took Arzumanov, president of Turnberry on the Green Condominium, into custody following a four-year investigation into allegations of racketeering, grand theft, organized fraud, and money laundering.
A Decade-Long Scheme
According to authorities, Arzumanov strategically placed himself in control of the condominium, holding key positions as HOA president, property manager, and chief engineer. This allowed him to misappropriate funds freely.
Among his most lucrative scams, Arzumanov created a security company, hired it to “protect” the condo, and significantly overcharged the association, funneling hundreds of thousands of dollars into his own pockets.
Lavish Spending with Stolen Funds
Officials allege that the stolen funds were spent on personal luxuries, including:
Flight lessons to obtain a pilot’s license
Fine artwork
Groceries and luxury items
Payments labeled as “rent” to his deceased mother
Miami-Dade State Attorney Katherine Fernandez Rundle confirmed that the fraud extended well beyond the past four years, impacting residents for over a decade.
Residents Celebrate His Arrest
Long-time condo resident Thais Penezri described Arzumanov’s leadership as a “daily nightmare”, filled with corruption and intimidation.
“I can say it’s a historical day. We’re very happy!” she told reporters.
More Arrests Could Follow
Aventura Police Chief Michael Bentolila hinted that others may have assisted Arzumanov in his scheme, warning:
“For anyone who collaborated with him, your window of opportunity to cooperate is closing. If you don’t, we will be at your front door.”
Arzumanov was booked into the Miami-Dade County Jail and could face significant prison time if convicted.
