TUCSON, Ariz. (KGUN) — Former Santa Cruz County treasurer Elizabeth Gutfahr pleaded guilty Thursday morning federal embezzlement chargesmoney laundering and tax evasion.

Gutfahr was: Accused of stealing more than $38 million By transferring the money to private bank accounts in Santa Cruz County. Court documents allege he transferred more than $11 million from the county’s accounts to his own in just one year.

Gutfahr will be released until his sentencing hearing in February 2025. He also accepted compensation, with the magistrate ordering that more than $38 million in public funds be repaid to the fullest extent possible. Additionally, part of this settlement includes a $10 million penalty owed to the IRS.

KGUN 9 obtained the following statement from his attorney:

Prior to the federal charges, Gutfahr was sued in civil court by Santa Cruz County. He was cooperating with the civil court’s efforts to get the money back, but a court-appointed trustee who was working to sell the real estate and properties reported that he was working to get his money back. can recover only one-third of the loss.

WATCH BELOW | Federal criminal embezzlement charges against former Santa Cruz Treasurer

Federal criminal embezzlement charges against former Santa Cruz Treasurer

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