Elizabeth Gutfahr was accused of stealing more than $38 million in Santa Cruz County money by transferring it to private bank accounts.
Elizabeth Gutfahr, the former treasurer for Santa Cruz County, pleaded guilty Thursday morning to federal charges of embezzling, money laundering and tax evasion. Gutfahr was accused of stealing more than $38 million in Santa Cruz County money by transferring it to private bank accounts. Court documents claim that in one year alone, she transferred more than $11 million out of the county's accounts and into her own.
Additionally, part of that restitution includes $10 million in penalties owed to the IRS. Prior to the federal charges, Gutfahr had been sued in civil court by Santa Cruz County. She was cooperating with civil court efforts to recover the money, though a court-appointed receiver working to sell off real estate and property has reported he may only be able to recover about one-third of the loss.
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