Michael Jason Bundy, 63, the owner of Sunista Realty in New Port Richey, was arrested on Wednesday after an investigation revealed he had stolen more than $1 million in escrow funds from dozens of clients. Bundy faces one count each of grand theft and scheme to defraud, according to the New Port Richey Police Department.
At the time of his arrest, investigators confirmed that Bundy had stolen over $300,000 from at least 26 clients, and that number is expected to exceed $1.5 million as more victims come forward. Additional charges may be added as the investigation continues.
The probe began after the owner of two local property management companies reported a missing $72,637 from escrow accounts. The discrepancy was discovered after an email was received from Sunista informing clients that the business was closing due to Bundy’s personal health issues. Further investigation revealed that multiple clients had not received rental payments since September 1, and that the company’s escrow accounts had been emptied.
Bundy’s former office manager confirmed that all business accounts had been depleted and the company had closed. Bank records from Sunista further confirmed the theft.
As of Friday, the missing funds had been confirmed at over $360,000, with expectations that the total amount will continue to rise. Investigators also uncovered that Sunista had billed clients for repairs that were either never done or for services where vendors were not paid.
Bundy was booked into the Pasco County Jail late Wednesday, but his current custody status is unclear. Messages left by local news outlets seeking comment from Bundy were not returned.